NAICOM promotes Policyholders’ protection fund in Abia

Barbara Bako, Abuja.

The National Insurance Commission (NAICOM) has intensified efforts to strengthen consumer confidence in Nigeria’s insurance industry with the rollout of the Insurance Policyholders’ Protection Fund (IPPF), a key reform introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The initiative was highlighted by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, during a courtesy visit by a delegation from the insurance industry to Governor Alex Otti of Abia State in Umuahia.

Omosehin said the fund was established to safeguard policyholders’ interests and guarantee prompt settlement of valid claims, a move expected to improve trust in insurance services and support market stability.

He noted that beyond protecting policyholders, a resilient insurance sector contributes significantly to economic growth by reducing business risks, protecting investments, and encouraging investor confidence.

The Commissioner also called for stronger collaboration between state governments and insurance stakeholders to promote risk management and support sustainable economic development.

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Responding, Governor Otti praised the progress recorded by NAICOM in repositioning the insurance industry and pledged support for initiatives that would improve insurance awareness and deepen risk protection mechanisms across Abia State.

He said stronger engagement between government and industry stakeholders would help build a more resilient economy capable of withstanding emerging risks.

Also present at the meeting were the Deputy Commissioner for Insurance (Finance and Administration), Mr. Ekerete Ola Gam-Ikon, and representatives of the Nigerian Council of Registered Insurance Brokers, Nigerian Insurers Association, Chartered Insurance Institute of Nigeria, and the Institute of Loss Adjusters of Nigeria.