Insurers committee seeks stronger financial sector partnerships

Barbara Bako, Abuja.

The 21st Insurers Committee Meeting held in Lagos on Thursday brought together operators in the insurance industry and key stakeholders in the wider financial services sector to deepen collaboration and strengthen risk-sharing mechanisms.

The meeting, chaired by the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Olusegun Ayo Omosehin, focused on building a more resilient, inclusive and innovation-driven insurance industry.

‎L-R: Pastor Ikechukwu Udobi, President, ILAN; Mrs. Ekeoma Ezeibe, President, NCRIB; Dr. Usman Jankara, Deputy Commissioner Technical, NAICOM; Mr. Bonaventure Okhaimo, MD/CEO, NCGG; Mr. Olusegun Ayo Omosehin, Commissioner for Insurance, NAICOM; Mrs. Ebelechukwu Nwachukwu, Deputy Chairman, NIA; and Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner Finance and Administration, NAICOM.

Participants discussed the need for stronger cross-sector partnerships to improve portfolio risk sharing, enhance the insurance value chain and align industry operations with national economic priorities.

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In his remarks, Omosehin reiterated the Commission’s commitment to promoting a policyholder focused insurance ecosystem, noting that deeper cooperation among insurers, banks, fintech companies and regulators would be essential to achieving sustainable sector growth.

He also stressed the importance of forward-looking regulatory and policy frameworks in driving innovation across the industry.

The Committee further called for coordinated action to address structural challenges affecting the sector, while emphasizing the use of technology and strategic partnerships to improve insurance penetration and service delivery nationwide.

On regulatory performance, the Committee noted that NAICOM currently ranks first in the Business Finance and Risk Optimization Cluster and ninth overall on the PEBEC Reform Tracker, reflecting progress in regulatory efficiency and ongoing reforms within the sector.