Insurance Facts & Updates

NAICOM, NCRIB Pledge Stronger Collaboration to Deepen Insurance Awareness

The Commissioner for Insurance (CFI), Mr. Olusegun Ayo Omosehin, has reaffirmed the National Insurance Commission’s (NAICOM) commitment to strengthening collaboration with the Nigerian Council of Registered Insurance Brokers (NCRIB) to enhance compliance, consumer protection, and broader insurance awareness across the country.

Mr. Omosehin gave the assurance when he received a delegation from NCRIB, led by its President, Prince Babatunde Oguntade, alongside the incoming President and incumbent Vice President, Mrs. Ekeoma Ezeibe, at the Commission’s headquarters in Abuja.

Welcoming the delegation, the Commissioner commended the Council for its sustained partnership with NAICOM and applauded its role in advancing industry compliance and professionalism. He congratulated Prince Aguntade, Mrs. Ezeibe, and Mr. Tope Adaramole, appreciating their contributions towards strengthening consumer protection and broker engagement.

The CFI further congratulated NCRIB on the successful passage of the Nigerian Insurance Reform Act (NIIRA) 2025, stressing that enforcement remains the real task ahead. He assured the Council that NAICOM would continue to rely on its collaboration to achieve effective implementation.

Highlighting industry priorities, Mr. Omosehin emphasized the need to expand insurance awareness, improve competence across the market, and ensure operators align with the Digitalization Regulation 2025.

In his address, Prince Oguntade explained that the visit was aimed at formally introducing the incoming President and appreciating NAICOM’s guidance during his tenure. He noted that operators are now more willing to comply because they have been carried along in the process. On recapitalization, he added: “A stronger market is a healthier market.” He further revealed that NCRIB is working towards building a hub to promote ethical responsibility, while thanking the Commissioner for Insurance for his pragmatic leadership.

He also disclosed that the induction of Mrs. Ezeibe as President has been scheduled for October 24, 2025, extending an official invitation to the Commissioner for Insurance.

In her remarks, Mrs. Ezeibe, the incoming President, pledged to sustain the cordial relationship between NCRIB and NAICOM, while commending the Commissioner for his support and collaboration in building the insurance industry.

In conclusion, Mr. Omosehin expressed gratitude to the outgoing President for his commendations, congratulated the incoming President, and called for deeper collaboration in building a vibrant insurance industry that stakeholders and Nigerians at large can be proud of.

HOW I MET "INSURANCE" AS A YOUTH AND THE LESSONS FOR YOUNG NIGERIANS

I was in my mid-20s with a gentleman's Bachelor of Science Degree in Economics from one of Nigeria's finest universities when I met "Insurance."

It was not attractive then, as it isn't now. I wanted to be in a bank or a finance house, where all the nice suits and skirts were. It's just the same way youths today want to be in the digital space or cloud, where all the socials are hidden; at least so you (youths) believe.

Some things will remain the same in spite of the differences in time and space, for example:
- YOU will forever be the first three letters in YOUTH
- A youth will certainly become a storyteller and content provider for the next generation
- Disruption will ever be the currency of youths

The "Insurance" I met did not understand my youthful energy, restlessness, and hunger for relevance. It was conservative despite the presence and involvement of Nigeria's billionaires in the sector at that time. I was always excited to be on Marina, Lagos, where the high and mighty strolled out for lunch in waterfront restaurants.

The challenges of low awareness and poor claims settlement that you (youths) hear about insurance today existed then, too. I considered that if "Insurance" was going to be my friend, I would invest in it. I chose to give it my greatest asset - time!

Let me, therefore, share some of the lessons you (youths) need to know, note, and apply:
1. Insurance offers multiple opportunities for the best future imagined
2. As a young professional (youth) in the insurance industry, your work exposes you (youths) to the top echelon of other sectors. Risk management and insurance are issues for leaders everywhere
3. As a young insurance policyholder (youth), you (youths) are sought-after and preferred by insurance providers because of your long-term value to their business growth. Position and engage NOW
4. As an investor in insurance, you (youths) enjoy the privilege of being part of those securing the future of other youths. Specifically invest in tech solutions that address the challenges of the sector, and watch your portfolio grow
5. As a young insurance manager in an organisation that complies with mandatory insurance laws, you (youths) ensure employees have the necessary insurance coverage to compensate them and/or their families in the event of accidents and other unforeseen occurrences. Seek to confirm your coverage
6. As a young professional in a regulatory environment, you (youths) seize every opportunity to enlighten and educate the public about your laws, regulations, and guidelines. This calls for you (youths) to understand the subject matter enough to tell others
7. As a young professional in the non-insurance sector, you (youths) have a duty to know and invest in what would make them outstanding in their endeavours. The taste of insurance is in the relief it provides when all else fails.

Some of the leading insurance brands you (youths) see today were started from scratch by persons in their youth stage of life. The energy was unbelievable and elastic.

Nigerian Insurance Industry Reform Act (NIIRA) 2025, thus, presents the best opportunity for Nigeria to have the revolutionary mien that I saw of the insurance sector in my youth. I believe it can happen again, but this time, through more innovation than enterprise, and more collaborations and partnerships than ownership.

My "Insurance" taught me hard lessons, but I persevered, and with what I know today, all I needed to do as a youth was to seize all of the multiple opportunities it offered.

I, therefore, invite you (youths) to seize this moment enabled by NIIRA2025 to do with and through insurance what many are either unaware (ignorant) of or avoiding due to poor knowledge of the benefits.

Are you aware of the "One Million Youths in Insurance Initiative" launched by the Federal Ministry of Youth Development in partnership with the National Insurance Commission (NAICOM)? It is probably the biggest preparation that the opportunities in NIIRA2025 would meet, and the outcome is best imagined.

Don't let anyone's story make you (youths) miss what could make your story unique and impacting.

You need the company of "Insurance" to stay financially disciplined, socially protected, and economically relevant to enjoy the emergent world, where the only constant is uncertainty.

Assuredly Yours,
Ekerete Ola Gam-Ikon




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Making Insurance Work in Nigeria