WorldStage— The Insurers’ Committee met May 21 in Lagos to discuss key regulatory reforms, capital review, enforcement of compulsory insurance, credit expansion, and preparations for continental trade agreements
NAICOM Commissioner Olsegun Omosehin presided over the meeting.
According to Ebelechukwu Nwachukwu, chairman, Communications and Stakeholders Engagement Sub-Committee of the Insurers’ Committee, among the major issues the gathering discussed was the ongoing recapitalisation in the insurance industry.
She also noted that Omosehin reminded the operators that only a few weeks remain before the recapitalisation deadline, urging them to treat the process seriously.
Auditors NAICOM engaged are currently carrying out verification exercises across insurance firms, and companies have till May 31 to invite the commission for verification.
The committee also discussed the enforcement of compulsory third-party motor insurance and NAICOM’s recent engagement with the Nigerian police aimed at curbing fake insurance policies in the market.
Omosehin worried that “miscreants” have infiltrated the third-party insurance space. He also commended the Association of Registered Insurance Agents of Nigeria (ARIAN) for its efforts in tackling fake insurance practices.
The meeting further reviewed NAICOM’s guidelines on travel insurance to ensure proper regulation of travel insurance policies and guarantee that Nigerians purchasing such products enjoy full benefits.
Another key issue was the inauguration of the committee for the Insurance Policy Protection Fund. Nwachukwu said the fund will create additional protection for policyholders and ensure that no discharged claims remain unpaid.
The Commissioner also revisited the industry’s compliance with the National Identification Number (NIN) directive. She noted that operators had committed not to honour claims where customers’ NIN records have not been updated, pending further directives from the regulator.
The committee received presentations from the National Credit Guarantee Company and Credit Bureau Limited on opportunities for collaboration with insurers to deepen Nigeria’s credit culture and strengthen financial data sharing.
The commissioner encouraged the insurers to engage more actively with credit bureaus to support underwriting decisions, identify fraudulent claims, and improve premium payment tracking.
The meeting also received updates on the planned development of a Nigerian Experience Mortality table expected to be launched by June 2026.
There were reports, too, from the Nigeria Insurance Industry Committee on AfCFTA and trade agreements concerning the implications of agreements involving the United Kingdom, China, Turkey, and the United Arab Emirates.
