Hot SourceEbere Nwoji
The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, has challenged insurance brokers on the need to change risk landscape in Nigerian insurance sector to meet insurance market needs on the emerging risks.
Omosehin said brokers should do this through provision of client-first risk advisory in place of product driven solution, ensuring transparent business placement with clear wordings and quality coverage.
Omosehin who spoke during the investiture of Mrs Ekeoma Ezeibe as the 23rd President of the Nigerian Council of Registered Insurance Brokers (NCRIB), in Lagos, also urged brokers to lead claims processes with data- driven, emphatic approaches.
He further urged the brokers to expand financial inclusion through the affordable micro insurance for underserved sectors and to leverage digital tools to reduce costs while maintaining ethical standards.
“I urge the Council to professionalise these capabilities through training, peer review, and accountability. The reputation of our market is inseparable from the reputation of its brokers. NAICOM’s regulatory expectations at the National Insurance Commission, our priorities are clear. We aim to foster innovation, protect policyholders, and build public confidence. For brokers, our regulatory focus includes: Risk-Based Supervision: Aligning governance and financial requirements with business scale,” he stated.
He also urged the brokers to ensure transparency, suitability, and fairness especially during claims.
He said NAICOM would partner with NCRIB to develop broker-led micro insurance and takaful solutions.
He said, “NAICOM’s stance is simple: deliver only what you can support, and support everything you deliver. Clear promises and prompt service build trust—and trust drives penetration. We invite the NCRIB, under Mrs. Ezeibe’s leadership, to actively partner with the Commission in implementing the provisions of NIIRA 2025. NAICOM remains open to dialogue and committed to harmonising the roles of all industry players.”
To Ezeibe, the new NCRIB President, the commissioner said, ”As you assume this esteemed role, I charge you to lead with professionalism that sets new benchmarks. Inclusion that brings every Nigerian into the safety net. Innovation that transforms how we serve. Trust that anchors our market’s reputation. ”Let your tenure be defined by bold decisions, ethical leadership, and transformative impact. The future of our industry depends on visionary leaders like you. Together, let us build an insurance market that serves Nigerians better and strengthens our economy.”
Omosehin commended the outgoing President, Prince Babatunde Oguntade, for his “courageous and visionary leadership,” noting that his tenure upheld the highest standards of integrity and professionalism in the broking community.
He further applauded brokers nationwide for their dedication to excellence and client-focused service, describing their work as “the foundation of our industry’s success.”
He hailed Ezeibe’s investiture as both historic and symbolic, pointing out that she was only the third woman to hold the presidency in NCRIB’s 63-year history.
He commended her record of strategic leadership, particularly as Chairperson of the Nigerian Insurance Industry Committee on AfCFTA (NII-AfCFTA), where she championed policy advocacy and capacity building to position the Nigerian insurance market for opportunities under the African Continental Free Trade Area.
