NAICOM Vows Robust, Policyholder-First Insurance Ecosystem

…Rallies Fintechs, banks

By Henry Uche

National Insurance Commission (NAICOM) has reaffirmed its commitment to building a stronger, more resilient and policyholder-centric insurance ecosystem, aimed at boosting public confidence, enhancing consumer protection and deepening insurance penetration across the country.

NAICOM made this commitment yesterday during its 21st Insurers Committee Meeting in Lagos, advancing risk-sharing and financial sector collaboration.

‎The Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, alongside key industry operators and stakeholders across the broader financial services ecosystem deliberated on strengthening cross-sector collaboration to build a more resilient, inclusive, and innovation-driven insurance industry in Nigeria.

Deliberations highlighted the importance of strategic partnerships in enhancing portfolio risk sharing, optimizing the insurance value chain, and aligning industry practices with national economic development priorities.

‎In a remark, the Commissioner emphasized that sustained progress will depend on deeper collaboration among insurers, banks, fintechs, and regulatory institutions, underpinned by forward-looking policy and regulatory frameworks.

‎The Committee collectively agreed on the need for coordinated and deliberate action to address structural constraints, accelerate innovation, and strengthen consumer trust in the insurance sector.

Particular emphasis was placed on leveraging technology and cross-industry synergies to drive insurance penetration and improve service delivery outcomes nationwide.

‎On performance and service delivery, the Committee noted NAICOM’s strong standing, currently ranked 1st in the Business Finance & Risk Optimization Cluster and 9th overall on the PEBEC Reform Tracker, reflecting continued progress in regulatory efficiency and sectoral reforms.

Addressing newsmen shortly after the session, Mrs. Ebelechukwu Nwachukwu, Chairman of the Communications and Stakeholders Engagement Sub-Committee of the Nigerian Insurers Association, said the Commissioner had appealed and made clear that compliance to NAICOM guidelines and NIA’s no NIN, no Claim’ are not compromised.

“The CEO has absolute responsibility to ensure that all insurance companies licensed by NAICOM comply with all guidelines issued by NAICOM,” she said.

Nwachukwu explained that the Managing Director of Nigeria Export Credit Agency, Mr. Bonaventure Okoye, outlined what the agency is doing and asked the industry to set up a working group. The group’s mandate is to define the role insurance should play as Nigeria moves to strengthen its credit culture.

She said the committee had already made similar suggestions before meeting with the agency, but the engagement now ensures the industry has a clear role in making credit available to both individuals and organizations.

On engagement with CRC Credit Bureau Limited, Nwachukwu disclosed that the Bureau has related with insurers on how to leverage their data to improve underwriting and risk assessment. “The Group Managing Director/CEO of CRC Credit Bureau Limited, Ahmed Tunde Popoola, explained the benefits of engaging with the bureau, including access to data on how individuals handle credit, perform credit checks, meet or default on obligations,” she said.

The Managing Director/CEO of Rex Insurance Limited noted that the data allows the industry to conduct character checks on policyholders. Currently, only four companies are registered with the Credit Bureau Limited, and actively so. Other insurers are encouraged to join. The industry has also been invited to contribute its own data, including records of customers who default on premium payments or are found to have made fraudulent claims, to build a comprehensive financial data pool for Nigeria’s financial sector.

On the mortality table, Nwachukwu affirmed the industry had received an update on the development saying, “We are working to develop a Nigerian experience mortality table and hope to launch it by the end of June 2026. But we have given ourselves a two-month window in the event that all of the required data has been drawn in to enable us to develop this mortality table” she added.

A Mortality table (or life table) is a statistical chart used by insurers and actuaries to show the probability of death and survival at different ages within a population. It helps insurance companies to: Estimate life expectancy of individuals or groups, calculate premiums for life insurance policies, assess risks in pension and annuity plans, and predict how long policyholders may live.