By Oluwakemi Kindness
Insurance operators, banks, fintech companies and regulators have agreed to strengthen collaboration aimed at driving growth, innovation and wider insurance coverage across Nigeria.
The resolution was reached at the 21st Insurers Committee Meeting held in Lagos on Thursday, where stakeholders from across the financial services sector identified stronger cross-sector partnerships as key to building a more resilient, inclusive and technology-driven insurance industry.
Speaking at the meeting, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Olusegun Ayo-Omosehin, said closer cooperation among insurers, financial institutions, fintech firms and regulators would accelerate industry growth and improve service delivery to policyholders.
According to a statement issued by the Commission on Friday, Ayo-Omosehin reaffirmed NAICOM’s commitment to building a policyholder-focused insurance sector anchored on effective regulation, innovation and forward-looking reforms.
Stakeholders at the meeting also stressed the need to leverage technology and digital innovation to boost insurance penetration, improve customer experience and strengthen consumer confidence in insurance products and services.
The Committee further agreed on coordinated measures to tackle structural challenges affecting the sector, while enhancing portfolio risk-sharing and operational efficiency across the insurance value chain.
The meeting also highlighted NAICOM’s regulatory performance, with the Commission currently ranked first in the Business Finance and Risk Optimization Cluster and ninth overall on the Presidential Enabling Business Environment Council (PEBEC) Reform Tracker.
Participants additionally called for stronger financial inclusion, innovation-driven insurance products and improved industry coordination to support Nigeria’s broader economic growth and development objectives.
