Lagos, Sept. 27, 2024 (NAN) — The insurance industry is grappling with the effects of inflation, according to Mr. Olusegun Omosehin, the Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM). Speaking at the Insurance Meet Tech (IMT) 2024 conference in Lagos, he highlighted the significant pressure rising prices place on both insurers and policyholders.
Thank you for reading this post, don't forget to subscribe!Represented by Mr. Julius Odidi, Head of NAICOM’s Lagos Control Office, Omosehin warned that the profitability of insurance companies could be jeopardized as claims costs rise. “Insurers must carefully manage investment portfolios, adapt pricing strategies, and maintain adequate reserves to navigate these challenges,” he advised.
Omosehin emphasized that NAICOM is committed to prompt settlement of genuine claims and ensuring fair treatment of policyholders to enhance the industry’s reputation and foster economic growth. He urged insurers to embrace digitalization, modernize operations, and improve customer experiences through technology to appeal to tech-savvy consumers.
