The National Insurance Commission (MAICOM) has called on operators in the insurance sector to adopt a more customer-centric approach as part of efforts to rebuild public trust, improve claims experience, and deepen insurance penetration across the country.

Speaking at the opening ceremony of Insurance Week 2026 in Lagos yesterday, the Commissioner for Insurance, Olusegun Omosehin, said sustainable growth in the insurance industry would depend largely on the ability of operators to simplify insurance processes, improve customer engagement, and develop products aligned with the needs of Nigerians.

The insurance sector currently contributes less than one per cent to Nigeria’s Gross Domestic Product (GDP), with stakeholders attributing the weak penetration to low awareness, poor understanding of insurance products, and lingering distrust arising from claims disputes.

Omosehin warned that without public trust and understanding, the industry would struggle to achieve sustainable growth.

“Without awareness, there can be no demand. Without understanding, there can be no trust. And without trust, sustainable growth cannot be achieved,” he said.

he NAICOM boss urged insurance companies to move away from product-driven operations and embrace customer-focused service models that involve policyholders in product development and service delivery.

He also stressed the need for simplified insurance documentation and transparent claims processes, describing claims settlement as the “moment of truth” in the insurance business.

Industry analysts have repeatedly argued that prompt and transparent claims payment remains critical to restoring public confidence and deepening insurance penetration in Nigeria.

Omosehin further highlighted the significance of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing it as a landmark legislation designed to strengthen regulatory oversight, improve corporate governance, and enhance policyholder protection.

According to him, one of the key provisions of the new law is the establishment of the Insurance Policyholders’ Protection Fund, created to protect policyholders in the event of insurer distress or insolvency.