By Oluwakemi Kindness
The National Insurance Commission (NAICOM) and the Abia State Government have pledged closer collaboration to strengthen risk protection for businesses, safeguard economic activities, and boost investor confidence in the state.
The commitment was made during a courtesy visit by the Commissioner for Insurance, Olusegun Ayo-Omosehin, who led a high-level delegation from Nigeria’s insurance industry to Governor Alex Otti at the Government House, Umuahia.
Speaking during the visit, Omosehin stressed that a strong insurance system is critical to protecting investments, mitigating risks, and securing livelihoods across key sectors of the economy.
He noted that effective insurance coverage remains a vital tool for sustaining business growth and attracting investors.
The Commissioner also highlighted recent reforms in the insurance sector, including the establishment of the Insurance Policyholders’ Protection Fund (IPPF) under the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
According to him, the fund is designed to strengthen industry stability by ensuring the prompt and equitable settlement of valid claims, thereby enhancing public trust and confidence in insurance services.
He said the initiative would provide additional assurance to policyholders and businesses, reinforcing the industry’s role as a critical pillar of economic development.
Governor Otti commended NAICOM for the progress recorded in the insurance sector and reaffirmed his administration’s commitment to partnering with the industry to improve risk management practices, expand insurance awareness, and build a more resilient economy in Abia State.
He expressed confidence that stronger collaboration between government and insurance stakeholders would create a safer environment for businesses and investors while supporting sustainable economic growth.
The delegation included NAICOM’s Deputy Commissioner for Finance and Administration, Ekerete Ola Gam-Ikon, as well as leaders and senior executives of the Nigerian Council of Registered Insurance Brokers (NCRIB), the Nigerian Insurers Association (NIA), the Chartered Insurance Institute of Nigeria (CIIN), and the Institute of Loss Adjusters of Nigeria (ILAN).
The visit forms part of ongoing efforts by the insurance industry to deepen engagement with state governments and promote the role of insurance in driving economic development across the country
