The National Insurance Commission (NAICOM) has called on insurance practitioners to re-double efforts to redeem the image of the industry and restore market confidence.

The Commissioner for Insurance, Olusegun Omosehin, made the call in a paper delivered in Lagos, at the investiture of the President of Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori. Omosehin said the insurance players could do this by ensuring prompt payment of claims as obtainable in developed countries.

According to him, the emerging realities and developments at the global level have called for mutual effort to reposition the insurance profession and rebrand the industry such that its operations can be better understood by Nigerians.

He also expressed confidence that the new leadership of the CIIN would continue to promote professionalism, uphold ethical standards and enhance educational development in the industry.

The commissioner said leadership in the insurance sector is more critical than ever before as it navigates a world of significant economic challenges and great opportunities.

Hence, he said, the insurance industry must continue to evolve and adapt to meet the changing needs of the society. He, therefore, urged the new leadership of the institute to play a critical role in driving transformation, ensuring that the institute remains a beacon of excellence and a catalyst of positive change.

“As we celebrate this momentous occasion, it is important to reaffirm our collective commitment to promoting a robust, resilient, strong, and stable insurance industry that contributes to the economic stability and growth of Nigeria,” he said.

The NAICOM boss called on the stakeholders to be mindful of the perception of the insurance profession by the public and be deliberate in pushing their narratives forward.

He said that NAICOM is committed to aligning the insurance sector with the ‘Renewed Hope’ agenda of President Bola Ahmed Tinubu and his determination to grow Nigeria’s economy to $1 trillion by 2030.

He said NAICOM views the CIIN as one of its veritable partners in the development of the much-needed skilled professionals to achieve its goal, adding that it is imperative to reiterate the continuous support to the institute in the discharge of its responsibilities.