Why insurance sector is critical to $1trn economy — Omosehin

The newly-appointed Commissioner for Insurance/Chief Executive, National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has said the commission will be repositioned under his leadership to contribute it’s quota to Nigeria’s N1 trillion economy target by 2030.

He stated this over the weekend during the handing over ceremony at the commission’s headquarters, Abuja, where he also expressed optimism of the new administration in leveraging technology and promoting regulatory diligence.

He said, “When you look at the ambition, desire and agenda of the new administration with regards to the Renewed Hope Agenda, I am sure many of us are aware that Mr. President has indicated and declared $1 trillion economy by 2026.

“And a significant aspect of this is supposed to come from the insurance sector. We are an integral part of the financial services sector that must make that happen. So, that puts on us a very heavy burden to deliver that which insurance is expected to contribute.”

He further stated that the landscape of the Nigerian insurance industry remained at a pivotal juncture where it is faced with significant opportunity for growth and challenges that require innovative and decisive regulatory responses.

The outgoing commissioner for insurance, , Mr. Sunday Thomas, said under his watch, the commission was able to create a conducive environment, adding that it grew the industry’s assets to over N2.32 trillion among other accomplishments.