BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission,( NAICOM), has called on operators to develop health insurance products, separate from Health Maintenance Organisation (HMO) schemes, as a way to widen insurance uptake nationwide.
The immediate past chairman, Publicity Subcommittee of the Insurers Committee, Mrs. Ebelechukwu Nwachukwu, disclosed this yesterday during a virtual press briefing on the outcome of the Insurers’ Committee meeting held last week in Lagos.
Nwachukwu who doubles as Chairman of Nigerian insurers Association,(NIA), also disclosed that the commission has engaged the services of Ernst & Young (EY), to build a framework for implementing risk-based capital across Nigeria’s insurance market.
According to her with the sector’s capital-raising drive having wrapped up in late July 2026, attention now turns to risk-based capital (RBC). Under this regime, an insurer can only underwrite exposures that its capital base is able to support.”
She assured that the target for finishing this work is March 2027. She described it as the sector’s next stage of development, aimed at making sure risks are priced correctly so that companies are better placed to settle claims when they arise.
