NAICOM Proposes Three Critical Steps For Sustainable Progress In Insurance Industry

industry regulatory institution, the NAICOM has, over the past year, demonstrated visionary leadership and a proactive posture.

He said the commission has not only regulated but also catalyzed transformation, as through its intensified engagement with stakeholders, insurers, brokers, agents, policyholders, and policymakers, the NAICOM has fostered greater transparency, deeper collaboration, and a stronger sense of shared responsibility.

“One of our most commendable strides has been in forging stronger alliances with government institutions and industry stakeholders. These partnerships have been instrumental in deepening insurance penetration across critical sectors of the economy.

Through collaboration with the Federal Road Safety Corps (FRSC), Nigerian Police Force (NPF), Federal Fire Service, and others, NAICOM has significantly strengthened the enforcement of compulsory insurances, including motor third-party insurance, insurance of public buildings, and group life insurance,” Omosehin explained.

He noted that these efforts have led to improved compliance and an expanded pool of insured Nigerians, ensuring that the protective umbrella of insurance now reaches further than ever before.

“Let me be clear: the enforcement of compulsory insurance is not merely a regulatory mandate–it is a social imperative. Today, more Nigerians are covered. More properties are insured. More lives are protected. This is a trend we must not only sustain but scale. Through digital verification systems, public awareness campaigns, and nationwide field monitoring, NAICOM is making non-compliance increasingly difficult. Compliance is no longer optional; it is the cornerstone of our collective credibility,” the CFI said.