By Rukayat Adeyemi/08032377091
Lagos, Sept. 27, 2024 (NAN) — Mr. Olusegun Omosehin, the Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), has revealed that more than 70% of insurance business contributions in Nigeria come from insurance brokers. This statement was made during a recent courtesy visit from a delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB), led by President Prince Babatunde Oguntade.
Omosehin emphasized the critical role that insurance brokers play within the nation’s insurance ecosystem, underscoring the commission’s commitment to strengthening its regulatory framework to support these brokers in fulfilling their self-regulatory functions effectively. He expressed confidence that brokers could drive industry growth initiatives under NAICOM’s new leadership.
The commissioner highlighted the insurance industry’s potential to significantly impact Nigeria’s economy and stressed the need to enhance its contribution to the nation’s Gross Domestic Product (GDP) to achieve a more prominent position within the financial ecosystem. To adapt to the evolving sector, NAICOM has restructured its organization into new directorates aimed at effective regulation.
In response, NCRIB President Oguntade praised NAICOM’s new leadership and its innovative initiatives aimed at promoting insurance growth. He assured support from NCRIB to mobilize insurance brokers for improved performance in the industry. Oguntade noted the council’s alignment with Anti-Money Laundering and Countering Financing Terrorism (AML/CFT) laws and highlighted efforts to uphold high ethical standards among members through strengthened internal disciplinary measures, thereby supporting NAICOM in maintaining market integrity.