NKECHI NAECHE-ESEZOBOR—The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, NAICOM, Olusegun Ayo Omosehin, yesterday led a high-level delegation of insurance industry leaders to Abia State as part of efforts to strengthen collaboration between the insurance sector and the state government.
The delegation paid a courtesy visit to Governor Alex Otti at the Government House in Umuahia to explore areas of partnership aimed at enhancing economic protection, risk management, and investor confidence.
During the engagement, Omosehin emphasized the critical role of insurance in safeguarding businesses, public assets, and livelihoods, noting that stronger cooperation between government and the insurance industry is essential for sustainable economic growth.
He also highlighted NAICOM’s ongoing reforms, including the establishment of the Insurance Policyholders’ Protection Fund (IPPF), designed to strengthen policyholder protection, promote prompt claims settlement, and reinforce public confidence in the insurance sector.
He explained that the Fund, created by NAICOM under the provisions of NIIRA 2025, is designed to protect policyholders by ensuring the prompt and equitable settlement of valid claims. According to him, the initiative will further strengthen consumer confidence and promote stability within the insurance market.
Governor Otti commended NAICOM for the progress recorded in the insurance sector and pledged the support of his administration toward building a sustainable partnership with industry stakeholders.
He noted that enhanced risk management, increased insurance awareness, and stronger consumer protection mechanisms would contribute significantly to economic resilience and growth in Abia State.
The delegation included the Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, as well as presidents and senior executives of the Nigerian Council of Registered Insurance Brokers, Nigerian Insurers Association, Chartered Insurance Institute of Nigeria, and Institute of Loss Adjusters of Nigeria.
