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Minister Tasks NAICOM To Ensure Insurers Pay Claims

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By Sola Alabadan

Minister of Finance, Budget and Planning, Mrs Zainab Ahmed, has charged the National Insurance Commission (NAICOM) to put strategies in place to ensure that insurance companies pay all genuine claims promptly to the policyholders.
The minister, who spoke during the commissioning of NAICOM portal in Abuja on Friday, stated that insurance companies must appreciate the fact that they are business, primarily to pay claims to the policyholders whenever the need arises.
While pointing out that “unsatisfactory response to settlement of claims by underwriters had greatly contributed to the prevailing poor public perception and lack of trust and confidence in the insurance Industry”,she added that prompt claims payment is the best advertisement for the industry.
Mrs. Ahmed congratulated the Commission on the Portal designed to serve as a platform for interconnecting all industry stakeholders to support real-time aggregation of data, automate its business processes and provide access to statistical data of the sector.
The commissioning of the Portal, she added, should serve as a springboard for industry wide adoption of technology and innovation for efficient and effective service delivery, ease of transacting business and customer experience and satisfaction.
She also urged the Commission to ensure that the Portal is connected to other government databases like the National Identity Management Commission (NIMC) NIN Database, Nigeria Immigration Service (NIS) Passport Database, Nigeria Integrated Customs Information system, FRSC’s National Vehicle Identification System, the National Vehicle Registry, State Licensing Databases among others, in order to provide value added services to all Insurance Industry stakeholders and enhance revenue generation.
In addition, the NAICOM Portal must also serve as the central database and sole repository of all Insurance Data connected to government databases in the country, she further noted.
The level of Insurance Penetration, a measure of the contribution of Insurance to the Gross Domestic Product (GDP) of 0.88 for 2021, she said is very low,adding that this shows that there are abounding opportunities for growth in the market.
The minister therefore advised the insurance industry to develop new innovative products based on data and customer preferences, as well as introduce new channels of distribution beyond the traditional channels to reach new segments of the market.
She equally called for cooperation with other agencies of government to enforce compulsory insurances in the country.

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Ghana’s Delegation In Nigeria To Marine Cargo Sector

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Commissioner for Insurance, Olusegun Omosehin received delegates from Ghana's Marine Cargo Technical Committee on a study tour of Nigeria's marine cargo sector at his office in Abuja recently. The delegation was led by Mr. Fred Asiedu-Darteh of Ghana Shippers' Authority.

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Stakeholders Assess Progress, Challenges In Implementing Building Insurance Regulations

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The National Insurance Commission (NAICOM) convened the fourth meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction recently in Abuja.
The meeting, chaired by the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, brought together stakeholders to discuss progress and challenges in implementing insurance regulations for public buildings and buildings under construction.

In his opening remarks, Mr. Gam-Ikon welcomed new members from the quantity surveying profession and briefed the committee on NAICOM’s enforcement efforts, which have commenced with third-party motor insurance and are expanding to public buildings and buildings under construction. He emphasized the importance of collaboration with regulatory agencies and highlighted the commission’s focus on claim settlement, citing the example of a fire incident at a Cash and Carry supermarket where insured parties received prompt claim payments.

The committee discussed implementation progress, with the representative from Development Control indicating that they have started enforcing insurance requirements since January 2025 but are awaiting necessary documents to commence full enforcement. Other stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service, shared their perspectives on the importance of complete documentation, risk assessment, and insurance coverage.

The Chairman of the joint committee, Mr. Gam-Ikon, urged Development Control to establish a database of public buildings and buildings under construction and ensure that only buildings with approved documents are insured. Dr. Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, thanked committee members for their support and participation.

The meeting underscored the importance of collaboration and effective implementation of insurance regulations to promote safety and risk management in the construction industry.

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emPLE Partners LASPARK For Tree Planting Initiative

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emPLE has officially flagged off Green emPLE, its company-wide sustainability initiative, with a tree-planting exercise held in partnership with the Lagos State Parks and Gardens Agency (LASPARK) in Lagos.
As part of the launch, emPLE planted 65 trees across strategic locations in Lagos. The carefully selected tree species were chosen for their environmental benefits such as improving air quality, reducing urban heat, and enhancing the city’s ecological balance.
Speaking at the event, Oyinlade Olalekan, Managing Director of emPLE General Insurance Limited, remarked,
“At emPLE, we’re deeply committed to empowering lives—not just through our financial offerings but by actively contributing to a more sustainable world. The launch of Green emPLE and today’s tree-planting activity are key steps in that journey. Sustainability is one of our core values, and we’re proud to be playing our part in building a cleaner, greener Lagos.”
He added,
“We see Green emPLE as a platform for driving real impact, one initiative at a time. This partnership with LASPARK is only the beginning. We look forward to rolling out more activities that reinforce our mission and encourage others to join us in protecting the planet.”
Mrs. Adetoun Popoola, General Manager of LASPARK, also commended the initiative, saying:
“Our mandate at LASPARK is to promote a greener Lagos through tree planting and urban beautification. It’s always encouraging to see private sector organisations like emPLE step forward in support of this mission. Collaborations like this help us get more done and inspire residents and businesses alike to take sustainability seriously. We are excited about what Green emPLE represents and we look forward to more impactful partnerships.”
To acknowledge emPLE’s contribution, LASPARK presented the company with a Tree Planting Certificate, recognising its role in environmental preservation and its ongoing support for climate resilience and green urban development.
Green emPLE is emPLE’s long-term commitment to promoting sustainable practices that support a healthier planet and empower future generations. The initiative reflects the company’s belief that true empowerment goes beyond financial products it includes taking responsibility for the environment and driving long-term positive change.

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