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NAICOM Counsels Insurers To Embrace innovative Insurtech Solutions

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By Sola Alabadan

The Commissioner for Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has counseled insurance operators in Nigeria incorporate innovative Insurtech solutions that will change their conventional business models, thereby safeguarding their continued relevance in addressing customer needs and market position.
Speaking at the Insurance Meets Tech (IMT) 2024 conference in Lagos, Omosehin informed that the commission has also completed a draft Insurtech Operation Guidelines which shall be released soon.
He said “The current realities of economic instability, climate change, rapid technological advancement, changing behaviour of consumers, soaring inflation and forex instability on
global financial markets have disrupted ways financial services are carried out. Hence, we must imbibe technology in order for us to have a one-stop shop for insurance products and services.
“The insurance sector must embrace innovation to meet up with the rapid market changes, changes in consumers’ preferences, tastes and lifestyle. We must develop products that meets the demands of our market as innovation have taken the driving force in the financial services sector”.
While reiterating that the commission plays a vital role in fostering innovative business solutions that address pressing economic and social issues in Nigeria’s insurance sector, he pointed out that this commitment extends to ensuring prompt settlement of legitimate claims, promoting market growth through innovation, and driving commercial value within the industry.
In achieving this objective of revitalising the insurance industry, he stated that the industry must of necessity address the fundamental issues plaguing the sector, such as: low insurance penetration, lack of public trust, market fragmentation, regulatory reforms, as well as digital transformation and adaptation.
In spite of the fact that the lockdowns negatively impacted traditional distribution channels in the insurance industry, he said it also encouraged insurers to develop digital offerings. He added that “This has come to show that investing in technology, online platforms, and mobile apps can improve customer experience and accessibility.”
The NAICOM boss affirmed that the nation’s insurance industry is not where it should be, noting that the Commission has recognised the urgent need to strategically reposition the insurance industry and place high priority in certain areas that will potentially stimulate the transformation agenda of the insurance sector.
“As a Commission, we have set out five priority areas for immediate implementation, which include: safeguarding policyholders and improving confidence in the industry, strengthening our supervisory capabilities and organizational effectiveness, improving safety and soundness of the Nigerian insurance industry, fostering innovation and sustainability of the Nigerian insurance industry, and enhancing overall insurance accessibility and penetration in Nigeria.
He stressed that “The post COVID-19 era witnessed a paradigm shift in business operations, driven by unprecedented disruptions that necessitated innovative adjustments to ensure continuity and resilience. This has led to the widespread adoption of AI and other emerging technologies, catalysing fierce innovative competition and impacts, product development, service delivery, distribution networks and operations. As a result, organisations are leveraging technology to drive growth, improve efficiency, and stay competitive in an increasingly complex landscape.
It is worthy to state that the increasing momentum of Insurtech development poses both opportunities and challenges for established industry players.”

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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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