NAICOM Enjoins CIIN To Deepen Professionalism, Champion Innovation, Public Trust

By Sola Alabadan

The Commissioner for Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr Ayo Omosehin has advised the Chartered Insurance Institute of Nigeria (CIIN) to focus on deepening professionalism and ethic, as well as championing innovation and public trust, in order to build the insurance industry Nigeria needs and deserves.
He gave this charge on Friday during the investiture of Mr. Akinjide Orimolade as the 53rd President and Chairman of Council of the CIIN in Lagos.
The NAICOM boss said “The Institute must continue to raise the standard of practice across the industry, with stronger emphasis on competence, ethical judgement, market discipline, consumer fairness, and continuous professional development. The industry cannot regain public confidence if professional conduct does not match regulatory ambition.
He also urged the CIIN to build the talent pipeline for the future, saying that the “CIIN should expand mentorship, leadership development, succession planning, research, and stronger engagement with tertiary institutions and young professionals. The future of insurance will depend on professionals who are technically sound, digitally aware, customer-focused, and ethically grounded”.
In view of the fact that digital transformation is no longer optional, Omosehin stated that the “CIIN must help equip practitioners with the skills required for data-driven underwriting, efficient claims management, cybersecurity awareness, inclusive distribution, and responsible use of technology”. He added that innovation must serve the policyholders, improve access, reduce friction, and strengthen confidence in insurance.
With regards to the ongoing recapitalisation exercise in the nation’s insurance industry, he said the new Minimum Capital Requirement is not simply a compliance threshold, but a confidence-building instrument designed to improve claims-paying capacity, support larger risk retention, strengthen balance sheets, and prepare operators for the transition to a risk-based capital regime.
As the recapitalisation deadline expires on July 31, he said “The Commission notes with admiration the progress already made by several operators in raising capital, engaging investors, improving governance arrangements, and submitting to the verification processes required under the new framework. We commend this seriousness of purpose. However, we must be clear: the deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves”.
He pointed out that “A stronger capital base must translate into stronger service delivery, prompt claims settlement, improved consumer protection, and a market that Nigerians can trust”.
“These reforms are designed to strengthen institutions and operators, but their true measure will be the extent to which insurance delivers on its core promise: protection, resilience, confidence, and economic stability,” he stressed.
He, however, warned that “A well-capitalised industry without professional discipline will not deliver the confidence we seek. A technically competent industry without innovation will not reach the millions who remain uninsured. And an industry that does not build its next generation will not sustain reform.
Under the new leadership, he said NAICOM expect the Institute to play a more visible role in shaping market behaviour, promoting public understanding of insurance, and reinforcing the standards required for a modern and trusted insurance profession.
He maintained that the dream of a vibrant, trusted, inclusive, and globally competitive Nigerian insurance industry will not be achieved by aspiration alone, but will continually require stronger capital, better conduct, prompt claims settlement, deeper penetration, disciplined governance, innovation with responsibility, and professionals who understand that insurance is first a promise to the public.