Experts raise expectations as NAICOM awaits Omosehin’s resumption

There is fresh hope among the Nigerian insurance industry players that the appointment of Olusegun Omosehin as the new Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission (NAICOM) continues to generate interest in various segments of the industry.

The appointment as well as that of Halima Kyari as the chairperson of NAICOM, the industry stakeholders said, is a relief in the industry just as they described it as a welcome development.

President Bola Ahmed Tinubu, in a statement issued at the weekend by his Special Adviser on Media and Publicity, Ajuri Ngelale, expected the new board of NAICOM to exercise utmost decency as it leads the commission in ensuring a safe, sound and stable insurance sector while protecting policyholders, and the public interest and improving trust and confidence in the sector.

Players in the industry believe that the new leadership of NAICOM was appointed as a result of track records of performance and leadership capabilities in their various positions in the industry.

Before his new position, the new NAICOM boss, who has many years of experience in the industry as an operator, was the chairman of the Nigerian Insurers Association (NIA).

His ascendance to the new position was by no means a sudden flight for he has been a member of the Governing Council since 2016 and has held several positions including that of the treasurer as well as the deputy chairman of NIA.

Speaking on the expectation of the new commissioner of Insurance, a former Managing Director of FSL Insurance Broker Limited, Alfred Daudu, called on the new commissioner to intensify awareness at the grassroots for rural dwellers to access insurance.

Daudu urged the new commissioner on the need to improve the enforcement of compliance and raise insurance awareness among the younger generation to schools through the teaching of insurance subjects in primary and secondary schools.

Also speaking on the development in the industry at the weekend, the Executive Secretary/Chief Executive Officer of the Nigerian Council of Registered Insurance Brokers (NCRIB), Tope Adaramola, urged the new commissioner to investigate the area of low insurance penetration as it is a major issue facing the sector.