The National Insurance Commission (NAICOM) is urging insurance and reinsurance companies in Nigeria to place greater emphasis on prompt claims settlement and customer-centric operations. The directive comes as part of broader efforts to strengthen public confidence in the sector and to build a resilient, trustworthy insurance industry.
Speaking from Abuja, the Commissioner for Insurance, Mr. Olusegun Omosehin, emphasized that timely claim resolution is not just a regulatory requirement but a strategic necessity. “NAIRA 2025 is our collective pact with the Nigerian people; a commitment to resilience, trust, and innovation,” he said. “Insurance must serve the people efficiently and transparently. Every claim paid on time strengthens confidence in the industry and signals that we are serious about reform.”
The directive aligns with the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which seeks to modernize regulatory frameworks and introduce technology-driven solutions across the sector. Omosehin highlighted that insurers should adopt sound risk management frameworks, invest in digital solutions, and improve operational efficiency to meet the expectations of policyholders.
He further urged actuarial professionals and firms to collaborate closely with insurers in implementing IFRS 17 standards, liability valuation, and Risk-Based Capital readiness. “Developing robust pricing models for both compulsory insurance schemes and emerging risks is crucial. Collaboration across the sector will strengthen actuarial capacity and ensure sustainable growth,” the Commissioner noted.
Omosehin framed compliance not as a burden but as an opportunity for the Nigerian insurance industry to transform into a digitally native, globally respected, and regionally competitive sector. “The NAICOM of today stands ready to guide, engage, and collaborate,” he said. “Innovation, transparency, and customer satisfaction must remain at the heart of everything we do. Together, we can redefine the future of insurance in Nigeria and across Africa.”
With this renewed focus on service delivery and strategic reforms, NAICOM is signaling a decisive shift toward an insurance sector that is more accountable, technologically empowered, and oriented toward the needs of the people it serves.
 is urging insurance and reinsurance companies in Nigeria to place greater emphasis on prompt claims settlement and customer-centric operations. The directive comes as part of broader efforts to strengthen public confidence in the sector and to build a resilient, trustworthy insurance industry.){kind=link}