New NAICOM boss rallies insurers’ support for $1tr GDP target

The National Insurance Commission (NAICOM) said that the insurance industry’s contribution is vital to the realisation of the one trillion-dollar economy target of the federal government by 2026.

The newly-appointed commissioner for Insurance, Olusegun Omosehin, said this during his official resumption in Abuja. He charged the industry players and employees of the commission to be committed to the task of realising the gross domestic product (GDP) growth by the current administration.

Earlier President Bola Ahmed Tinubu in a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, announced the appointment of Olusegun Omosehin as the new chief executive of NAICOM.

The President also appointed Halina Kyari as the Chairperson of the commission.

Omosehin who was received at the NAICOM headquarters in Abuja by the Senior Staff in the commission also expressed optimism of achieving a more vibrant insurance sector during his tenure.

He said that the new face of the NAICOM would set a new tone for the Nigerian Insurance sector.

Speaking also at the change of leadership, the former Commissioner for Insurance, Sunday Thomas, expressed gratitude to the staff and management of the commission for contributing to the success recorded so far during his tenure.

Thomas implored the staff member of the commission to extend the same support to the new management for the growth of the industry.

The industry contends with issues such as false claims, policy manipulations and identity theft, all of which have severe implications.

Not only do these challenges result in financial losses for underwriting firms, but they also erode confidence.