Omosehin gives insurance companies marching order on payment of claims, unveils NAICOM’s priority areas

The nation’s commissioner for insurance Mr Olusegun Ayo Omosehin has given Insurance companies marching orders to prioritize the payment of claims saying that various stakeholders in the business of insurance must be given genuine reasons to embrace insurance as a better risk management mechanism.

Mr Omosehin said that there is the urgent need for culture of insurance to be imbedded in all aspect of  activities in the country including governance.

“The nation needs insurance now more than ever before. The mandate given to the National Insurance Commission (NAICOM) is to regulate, supervise and develop the insurance market. Insurance industry must begin to look at things to do as not to be left out of the nation’s drive towards a one trillion dollar economy as been projected by the year 2030. We must begin to learn how to manage risks which will come from a trillion dollar economy. We at NAICOM is prioritizing as a regulator as to see how we put insurance in the larger picture” Mr Omosehin had told financial journalists at an interactive session held in Lagos Wednesday.

It would be recalled that President Bola Ahmed Tinubu had appointed Omosehin Commissioner for Insurance on April 19 this year. Omosehin resumed on May 3.

Mr Omosehin informed that he has drawn a five point agenda which will moderate activities during his four year tenure. He listed his priorities to include restoration of consumer confidence by emphasising efficient claims payment, strengthening the commission’s internal capacity to carry out it’s regulatory functions, ensuring the soundness of insurance companies and creating the needed environment for insurance companies to take advantage of to grow their operations.

“Restoring public confidence in the insurance industry is a mandate that we have accepted. The attitude of the market towards customers should be to look for reasons why claims must be paid and not why they will not be paid. Those who can not meet up with such obligations, we will take pre-emptive measures. We are not interested in the liquidation of any insurance company as such will send the wrong signals. We are desirous of seeing insurance industry that is financially strong”, he said

On whether insurance companies are going to be put through another round of recapitalization as is been currently done in the banking sector, the commissioner said that such activities are usually guided by laws and regulations.

He informed that three insurance bills are currently before the national assembly all geared towards improving the market. The bills are the insurance consolidated bill which escaped the ascent of the President Muhammadu Buhari regime, the insurance industry reform bill 2024 and the NAICOM bill. The NAICOM bill he said is proposed as to bring the commission at per with the Central Bank of Nigeria in terms of processes and procedures.

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