The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, said this when he led a delegation to Governor Alex Otti of Abia in Umuahia on Monday.
The National Insurance Commission (NAICOM) has partnered with Abia State Government to safeguard economic activities, mitigate risks, and enhance investors’ confidence.
Mr Omosehin, in a statement on Tuesday in Abuja, underscored that a robust insurance system was fundamental to protecting business investments and securing livelihoods across critical sectors of the Abia economy.
Highlighting recent reforms, the commissioner assured Mr Otti and his Executive Council that the newly established Insurance Policyholders’ Protection Fund (IPPF) would reinforce industry stability.
Mr Omosehin explained that the Fund, instituted by NAICOM under the provisions of NIIRA2025, was designed to safeguard policyholders’ interests.
He also assured that the Fund would ensure prompt and equitable settlement of valid claims, thereby strengthening consumer trust and market confidence.
He quoted Mr Otti as commending NAICOM’s leadership for the progress achieved in the insurance sector.
Mr Otti pledged his administration’s support in fostering a sustainable partnership with the insurance industry to enhance risk management.
The NAICOM delegation included the Deputy Commissioner (Finance & Administration), Ekerete Gam-Ikon, alongside presidents and senior executives from the Nigerian Council of Registered Insurance Brokers.
Others in the delegation were representatives of Nigerian Insurers Association, Chartered Insurance Institute of Nigeria and the Institute of Loss Adjusters of Nigeria.
(NAN)
