The Commissioner For Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr Olusegun Omosehin, has stated that the insurance industry’s financial soundness and stability are essential for supporting businesses and contributing to the $1 trillion economy projected by the present administration for achievement by 2030.
Omosehin, said this while giving a remark at the 9th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos recently, with theme: “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors.”
Omosehin, who was represented by Mr Abba Halil Inuwa, Head of Corporate Affairs, NAICOM, noted that adequate capitalization, commensurate with insurers’ risk profiles, is vital for the insurance industry’s growth and development.
The Commissioner stated that the desired and pragmatic support for a $1trillion economy could only be achieved by leveraging technology to enhance insurance accessibility, which, he said, has formed the fulcrum of another key area of focus.
He added that consolidated financial solutions and one-stop shops have become the norm, necessitating insurance industry’s adoption as a critical sector of the economy to remain relevant.
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“As the insurance regulator, NAICOM is therefore committed to creating an enabling environment that will consistently enhance increased capacity of the insurance institutions, as well as ensuring that the insurance industry becomes stronger and more stable in delivering on its responsibilities,” he said.
Omosehin mentioned that the theme of conference resonates deeply with the insurance sector’s aspiration of contributing significantly to President Bola Ahmed Tinubu’s vision for a $1 trillion economy.
He said in recent times, the insurance sector has been at the forefront of discussions regarding its potential to unlock our economy’s growth.
The NAICOM boss stated that as a vital component of the financial sector, insurance plays a critical role in mobilising savings, managing risk, ensuring financial stability, creating job opportunities, and driving long-term projects and infrastructure development.
According to him, to achieve these objectives, the commission has implemented various market developmental initiatives aimed at enhancing the insurance sector’s competitiveness and robustness.
He said: “In line with the insurance industry roadmap, we have identified five critical areas for immediate implementation.
