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NAICOM Charges Insurers To Strive For Inclusive, Competitive Sector

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By Sola Alabadan

The Commissioner for Insurance and Chief Executive of the National Insurance Commission (NAICOM), Olusegun Omosehin has charged Nigerian insurance operators to strive for an insurance sector that is inclusive, innovative, and globally competitive.
Omosehin made this call at the 2026 Insurance Week in Lagos, saying that the event provides the practitioners with a unique opportunity to assess their progress, confront persisting challenges, and, renew their collective commitment to building a resilient, inclusive, and trusted insurance ecosystem.
As last year’s Insurance Week emphasised the urgent need to deepen public engagement and strengthen trust in insurance, he stressed that the message remains as relevant today as ever.
He said “Indeed, given the increasing complexity of today’s economic and risk environment, the need to bring insurance closer to the people has become even more compelling.”
NAICOM, he stated, regard public awareness not as a peripheral activity but as a core strategic priority, in realisation of the fact that the success of insurance in any economy is fundamentally anchored on the level of public understanding, trust, and acceptance.
“Without awareness, there can be no demand. Without understanding, there can be no trust. And without trust, sustainable growth cannot be achieved,” he emphasised.
He advised the insurance operators to rethink and reposition their communication strategies, saying that public awareness campaigns must move beyond generic messaging and evolve into more targeted, relatable, and sustained initiatives.
He added that “We must communicate in languages people understand, through platforms they trust, and using real-life scenarios that resonate with their everyday experiences.
“It is not enough for people to simply know that insurance exists—they must understand how it works, why it matters, and how it can protect their lives, assets, and aspirations.”
Omosehin further said that “Insurers must deliberately transition from a product-centric approach to a customer-centric model. This entails actively involving clients in the product development process seeking their input, understanding their expectations, and designing solutions that align with their real-life needs.
“When clients are actively engaged in product design, several positive outcomes emerge. Products become more relevant and accessible, pricing structures have become more acceptable, and, most importantly, trust and ownership are significantly enhanced.”
He added that there is a critical need to simplify insurance documentation and communication, pointing out that insurance must not be perceived as opaque or overly complicated, but it must be transparent, straightforward, and easy to navigate.
“Equally important is the need to improve policyholders’ understanding of claims processes.
“Insurers must therefore ensure that policyholders are well-informed about claims procedures from documentation requirements to timelines and expectations. Delays, ambiguities, or perceived unfairness in claims settlement not only erode trust but also weaken confidence in the entire system” Omosehin said.
Speaking on the role of technology in driving transformation within the insurance sector, the NAICOM boss stated that technology must be deployed responsibly, and it must enhance trust, not undermine it.
He maintained that the issues of data privacy, cybersecurity, and ethical responsibility must remain central to insurers’ digital transformation agenda.
He equally tasked the insurance operators to ensure that innovation is inclusive, stating that the rural communities, informal sector participants, and vulnerable groups must not be excluded from the benefits of technological advancement.

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Business

Universal Insurance Pioneers Digital Fast Claims Service – Management

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The management of Universal Insurance Plc has reaffirmed its commitment to sustaining its partnership with the Nigerian Association of Insurance and Pension Editors (NAIPE), with a focus on ensuring mutual growth and success for both organisations.

Managing Director of the company, Jeff Duru, made this known during a courtesy visit by executives of NAIPE to the company in Lagos.

Duru stated that Universal Insurance was the first insurance company in Nigeria to introduce fast claims service.

According to him, his predecessor, Ben Ujoatuonu, laid the foundation for the company’s strong relationship with NAIPE and the media.

He said: “My predecessor, Mr. Ben Ujoatuonu, created this valuable relationship with NAIPE. When I joined the company, he explained to me the nature of the relationship the company has with the media. That legacy he created is one we will continue to uphold and ensure it never declines.

“We will continue to strengthen the relationship to keep the flag flying. Whoever succeeds me will also inherit and sustain that legacy to ensure mutual success for both organisations.”

Duru also commended members of the management team for their dedication and commitment to the growth of the company.

He said: “My team members have worked assiduously and creatively. We work together to ensure that this relationship continues beyond all of us, for the benefit of our organisations.”

Speaking on the company’s recapitalisation plans, Duru expressed confidence that Universal Insurance would emerge stronger and better positioned after the exercise.

“At the end of the recapitalisation exercise, Universal Insurance will become significantly bigger in every respect. The beauty of recapitalisation is that it strengthens capacity, enabling companies to expand operations and venture into new areas aligned with the board’s strategic vision,” he said.

Commenting on the company’s position in the digital space, Duru noted that Universal Insurance had already digitised all its personal line products, allowing customers to purchase insurance products seamlessly through its online platforms without physical interaction with staff.

“In terms of digitalisation, we are already there. All our personal line products have been digitised. Customers can visit our website or portal and purchase products seamlessly without physical contact with our staff.

“We are also the first insurance company to introduce fast claims service, and others are now learning from us. We are receiving positive feedback from users adopting digital fast claims solutions for online surveys.

“Artificial Intelligence is another area we are championing. Once we conclude the recapitalisation process, we will launch our AI-driven platform, which will be a major development for the industry,” he added.

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Leadway Assurance Partners FRSC To Reward Safety-Compliant Motorists

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Leadway Assurance recently partnered with the Federal Road Safety Corps (FRSC) to promote road safety advocacy and reward safety-compliant motorists through the Arrive Alive campaign.
Leadway Assurance and the FRSC have worked together on road safety advocacy for years.
The partnership has been further strengthened with the launch of the Arrive Alive campaign, which aims to deepen public awareness of responsible driving, promote safer road behaviour, and encourage better compliance with road safety regulations among motorists. The initiative also aims to reduce preventable road accidents and reinforce a stronger culture of safety among road users across Nigeria.
As part of the campaign, a webinar titled “Arrive Alive Because Life is Priceless” was held on 6 May 2026. The session featured the FRSC Lagos State Sector Commander Corps Commander, Kehinde Hamzat, and Leadway’s Head of Technical Risk Management, Otuyemi Olatunde, who shared practical insights on essential vehicle safety items every motorist should have, including first aid kits, fire extinguishers, and discussed major causes of road accidents such as driver distraction, negligence, and unsafe road behaviour.
The speakers also addressed common misconceptions among motorists and emphasised the importance of proactive safety measures to prevent avoidable road traffic incidents.
The webinar was followed by live sensitisation engagements at the FRSC office in Ojota and the Ojota Motor Park in Lagos on 7 May 2026. During the engagements, private and commercial motorists were educated on safe driving practices, compliance with traffic regulations, and responsible road use.
Motorists who demonstrated compliance with safety requirements, including seat belt use, possession of complete vehicle documentation, and availability of required safety equipment in their vehicles, were recognised and rewarded as part of the campaign’s behavioral reinforcement strategy.
Executive Director, Technical & Operations, Leadway Assurance, Olufunmilayo Amanwa, commenting on the campaign, said, “The ‘Arrive Alive’ initiative reflects our long-standing commitment to protecting lives beyond insurance coverage.”
According to data released by the Federal Road Safety Corps (FRSC), Nigeria recorded a total of 10,446 crashes across the country in 2025, an increase of 9.2 percent from 9,570 in 2024, with deaths resulting from last year’s crashes put at 5,289 persons.
She added that “These data points reinforce the urgent need for sustained road safety awareness and behavioural change among motorists and commuters alike. By promoting safer driving habits, we are contributing to the reduction of preventable road traffic accidents and supporting the development of a more responsible road culture in Nigeria.”
Also, The FRSC Lagos State Sector Commander, Corps Commander, Kehinde Hamzat, commenting on the partnership, said, “Our collaboration with Leadway Assurance on the ‘Arrive Alive’ initiative strengthens ongoing efforts to improve compliance with road safety regulations across Nigeria. We continue to emphasise that most road traffic crashes are preventable when motorists make responsible decisions on the road. This initiative reinforces our shared commitment to saving lives and promoting safer road use nationwide.”
The partnership reflects strengthened collaboration between the private sector and regulatory authorities to address road safety challenges in Nigeria. It underscores a shared responsibility to promote road discipline, deepens public awareness of safe driving practices, and encourages sustained compliance with traffic regulations. It is expected to contribute to a reduction in preventable road traffic incidents, improved road user behaviour, and a stronger culture of accountability among motorists in Nigeria.

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emPLE Nigeria Pays N7 Billion Claims

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emPLE, a licensed insurance company in Nigeria, paid more than N7 billion as claims to its policyholders in 2025, reaffirming its commitment to empowering individuals, families, and businesses with the financial support needed to rebuild after losses caused by life and business uncertainties.
Amid evolving industry dynamics and regulatory expectations under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, emPLE demonstrated resilience and operational strength, serving hundreds of policyholders across its Life and General Insurance Businesses. This milestone reflects the company’s growing capacity and tenacity in standing by customers when it matters most.
Beyond the numbers are real stories of impact.
Within its Life Insurance Business, emPLE paid more than N4.1 billion in claims.
Similarly, emPLE’s General Insurance business recorded more than N3.6 billion in claims payouts across critical sectors, including, energy, engineering, motor, marine cargo, and marine hull. These payouts underscore emPLE’s role as a trusted partner for businesses navigating operational risks and disruptions in the Nigerian economy.
Speaking about the company’s performance, Olalekan Oyinlade, CEO of emPLE General Insurance Limited, said, “Insurance, at its core, is a promise, a sacred obligation to provide support in times of adversity, and in 2025, we honoured that promise”.
He added, “As the industry evolves, particularly amid reforms shaping our operating landscape, we remain focused on strengthening our underwriting discipline, improving claims efficiency, and building a more resilient business that consistently delivers value to our customers and stakeholders.”
Also commenting, Jolaolu Fakoya, Managing Director of emPLE Life Assurance Limited, said, “In Life Insurance, our role in providing reassurance in moments of uncertainty is close to our heart. We see this in the story of a 47-year-old breadwinner whose passing from heart disease could have left his family vulnerable, yet they received a N112 million payout that ensured continuity and stability. We also see this in a mother who, despite losing her son, still received a ₦21 million gift from beyond, which only insurance can make possible. In another instance, a family received ₦205 million following the loss of a 55-year-old loved one, reinforcing the role insurance plays in preserving dignity and financial security in the face of loss”. He further stated, “As we look ahead, we are focused on deepening insurance penetration by simplifying access, improving customer experience, and reinforcing trust. Our ambition is to ensure that more Nigerians understand the value of insurance and benefit from it when it matters most.”
This milestone reflects emPLE’s continued growth and its commitment to delivering on its core promise, transforming insurance from a transactional necessity into a dependable support system that empowers people and businesses to face the future with confidence.
About emPLE
emPLE is a Nigerian insurance brand operating through emPLE General Insurance Limited and emPLE Life Assurance Limited, focused on delivering accessible protection solutions grounded in governance discipline, operational excellence, and sustainability principles.

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