Connect with us

Insurance

NAICOM Targets Protection Of Policyholders, Improved Confidence In Insurance Sector

Published

on

Commissioner for Insurance, Sunday Thomas (4th left) and other top management staff of the National Insurance Commission at the seminar.

By Sola Alabadan

The National Insurance Commission (NAICOM) has put structures in place to ensure that the insurance policyholders are adequately protected and facilitate improved confidence in the Nigerian insurance sector.

This formed part of NAICOM’s strategic plan for 2021-2023, which was unveiled at the just concluded 2021 NAICOM seminar for insurance journalists in Lagos.

The Commissioner for Insurance, Sunday Thomas, said “The 2021-2023 Strategic Plan has five goals designed to entrench effective and efficient service delivery, ensure safe, sound and stable insurance sector, adequately protect policyholders and public interest, improve trust and confidence in the insurance sector and encourage innovation and promote insurance market development”.

The NAICOM boss informed that since the development of the last strategic plan for the period 2016 – 2020, there have been various events such as the COVID-19 pandemic, the End SARS protests, and the rise in kidnappings, armed banditry, communal tensions and conflicts, which have impacted on the activities and initiatives of the Commission.

These new developments, he stated, have ushered in the new normal, hence shaping how the industry conducts its business going forward and the corresponding regulatory response.

“The major thrust of this has been preparing the workforce for the new work order, protection of policyholders, improving human capital, leveraging on technology and alternative channels of insurance distribution to stimulate productivity.

Thomas stressed that the commission is committed to actualising the goals of the strategic plan, noting that NAICOM would adhere strictly to its principles of good governance and core values aimed at creating an enduring, sustainable and conducive environment for accomplishment of the corporate goals and objectives.

He also said that NAICOM will ensure periodic review and performance monitoring of the plan within its life span, bearing in mind the present COVID-19 pandemic.

The insurance sector, he added, must harness opportunities post pandemic period and beyond by leveraging on technology to provide innovative insurance products, amongst others things.

Speaking at the unveiling, Mr Usman Ibrahim Jankara, Head, Strategy and Special Duties, who delivered a paper titled: ‘NAICOM Corporate Strategic Plan 2021 to 2023: Goals, Objectives and Key Deliverables” emphasised that the strategic plan was hinged on five goals, including entrenching effective and efficient service delivery, ensuring safe, sound and stable insurance sector, adequately protecting the policyholders and public interest, improve trust and confidence in the insurance sector, encourage innovation and promote insurance market development.

He pointed out that these goals will consolidate the 2016 -2020 strategic plan with new milestones required to enable the commission accomplish its mission.

Jankara equally lamented that some of the commission’s 2016 to 2020 strategic plans were not achieved due to the prevailing COVID-19 pandemic, among other factors.

“Our strategic plan has simplified what we will focus on and we are now more convinced that we will do much better this year.

“We want to have a stable insurance industry to compete globally and contribute to the country’s economy.”

He said the plan would also ensure that policyholders’ complaints were handled better and promptly.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Leadway Health HMO Wins Award Again

Published

on

By

Leadway Health HMO has been honoured with the Health Maintenance Organisation (HMO) of the Year award at the Nigerian Healthcare Excellence Awards (NHEA) for the third consecutive year.
This achievement affirms Leadway Health HMO’s position as a consistent leader in delivering innovative, accessible, and customer-focused healthcare solutions across Nigeria. Leadway Health HMO set a new record, one that has never been achieved in the 15-year history of the NHEAwards.
The award, presented in Lagos recently, 2025, celebrates the organisation’s excellence in service delivery, technology integration, unmatched service delivery, and its expanding provider network.
Speaking on this achievement, Chief Executive Officer, Leadway Health HMO, Dr. Tokunbo Alli, stated, “Receiving the HMO of the Year award for the third consecutive year is a deeply meaningful milestone for us at Leadway Health HMO. It is more than an accolade; it is a resounding validation of our commitment to transforming healthcare delivery in Nigeria, Africa, and the world at large.
“In a country where fewer than one in ten people have access to health insurance, we recognise the immense responsibility we carry. Through our investment in digital innovation, operational efficiency, and inclusive health plans, we are not only improving access to quality care but also setting new benchmarks for service excellence within the industry. This recognition reflects the trust our customers place in us and the unwavering dedication of our team and partners who make our vision a reality every day.”
Alli added, “We will continue to scale our hospital partnerships, enhance claims transparency, and leverage technology to deliver even more accessible, affordable, and customer-centric healthcare solutions. This award strengthens our resolve to be at the forefront of Nigeria’s health transformation journey—driving meaningful change, one life at a time.”
Leadway Health HMO’s triple win comes at a time when trust and performance in the HMO sector are under scrutiny. With a growing population, rising healthcare costs, and a national goal of achieving Universal Health Coverage (UHC) by 2030, the company’s performance positions it as a crucial stakeholder in driving Nigeria’s health transformation agenda.
The Nigerian Healthcare Excellence Awards, founded in 2014 by Global Health Project and Resources in collaboration with Anadach Group USA, is the industry’s most respected recognition platform. This year’s edition was themed “Collaborating for Impact: Strengthening Health Systems through the SWAP Approach”, emphasising unified efforts to drive change.

Continue Reading

Business

NAICOM Charges Operators To Ignite Nationwide Conversation About Power Of Insurance

Published

on

By

The National Insurance Commission (NAICOM) has enjoined insurance operators to ensure that they ignite a nationwide conversation about the power of insurance as the inaugural edition of Insurance Week holds across the country.

The Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Omosehin who spoke in Lagos on Monday, affirmed that the Insurance Week is designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development.

To truly secure Nigeria’s future, he pointed out that “we must educate the public on the benefits of insurance, develop products that meet the needs of all Nigerians, wnsure prompt and transparent claims processing, as well as invest in talent and technology to drive innovation and trust.

At NAICOM, he said the regulatory body is committed to building a strong, inclusive, and globally respected insurance industry, and has been driving reforms to strengthen consumer protection, promote digital innovation, ensure capital adequacy and sound governance, while expanding access to underserved communities.

On why insurance matters, he stated that “In today’s fast-changing world, risks are everywhere—economic shocks, natural disasters, health crises, and more” adding that these uncertainties can disrupt lives and derail national progress.

“Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience.
Without insurance, your economy would be more vulnerable, and our people less secure. That’s why this year’s theme, “Insurance for All: Securing Nigeria’s Future,” is both timely and essential” he emphasised.

Omosehin maintained that “The future of Nigeria depends on how well we manage risk. Every decision—whether by individuals, businesses, or government—carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future.”

The NAICOM boss further urged the nsurance operators to renew their commitment to building an industry that serves the people and supports national development and use every platform—media, schools, communities, and workplaces—to spread the message that insurance is not a luxury; but a necessity.

Continue Reading

Insurance

Genuine Money Casino Bonus Offers: A Comprehensive Overview

Published

on

By

When it involves online gambling, among the most significant advantages gamers can enjoy is the accessibility of actual money casino site benefits. These bonus offers not just boost the overall gaming experience but also provide gamers with extra chances to win huge. In this comprehensive guide, we will certainly explore every vulkan (more…)

Continue Reading