NAICOM unveils new insurance reforms, pledges transparency

Barbara Bako, Abuja.

The National Insurance Commission(NAICOM) has launched a new phase of regulatory reforms and tighter oversight as it opened its 2026 management retreat in Uyo, Akwa Ibom State, signalling what it described as a reset for the insurance sector.

At the retreat themed “Insurance Regulation: Reset, Reimagine, Refocus,” the Commissioner for Insurance, Olusegun Ayo Omosehin, said the commission was entering a transformative period driven by integrity, professionalism and a more unified leadership culture.

He described the moment as pivotal in the regulator’s nearly three-decade history and a chance to modernise its approach.

From left: Mr. Ekerete Ola Gam-Ikon – Deputy Commissioner for Insurance Finance and Admin, Dr. Chizor Malize – MD/CEO FITC, Mr. Olusegun Ayo Omosehin – Commissioner for Insurance and Dr. Usman Jankara – Deputy Commissioner for Insurance, Technical.

Omosehin said the reform push is tied to President Bola Ahmed Tinubu’s $1 trillion economic agenda, stressing that a strong, well-capitalised and resilient insurance industry is necessary to support economic stability, attract investment and promote sustainable growth in Nigeria.

According to him, the retreat’s theme reflects a deliberate effort to discard outdated practices, rethink the industry’s possibilities and sharpen regulatory focus.

He reiterated that the ongoing recapitalization exercise goes beyond raising capital and is intended to improve insurers’ financial health, strengthen consumer protection, expand insurance penetration and rebuild public confidence.

The commissioner added that the programme would be judged by its credibility and openness, with no tolerance for favoritism, compromise or regulatory shortcuts.

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Addressing management staff, he urged greater cooperation across departments and warned against siloed operations.

He charged officials to uphold high standards, declaring, “Let integrity be your anchor. Let professionalism be your compass. Let transparency be your operating standard.”

Staff at the session collectively pledged to maintain fairness, accountability and global best practices throughout the recapitalization process.

He also outlined priorities such as stronger regulatory oversight, careful execution of the recapitalization roadmap, wider stakeholder engagement, improved capacity in risk-based supervision and data analytics, technology-driven innovation, stronger institutional culture and reinforced policyholder protection.

Concluding, Omosehin stressed the value of unity, invoking the proverb, “When spider webs unite, they can tie up a lion,” and expressed confidence that sustained reforms would produce a more resilient and globally competitive insurance industry.