NAICOM Chief Canvasses For Collaborative Efforts In Boosting Insurance Sector’s Contributions To Economic Growth

By Clement Nwoji, Abuja

The National Insurance Commission (NAICOM) has solicited for collaborative efforts of all stakeholders in the insurance sector to boost its contributions to economic stability and growth of the country.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, made the appealed while delivering a keynote address at the Investiture ceremony of the 52nd President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, Tuesday in Lagos.

He stressed the need for more leadership collaboration, saying that leadership in insurance sector is more critical now than ever before as we navigate a world of significant economic challenges and great opportunities.

According to the Ayo Omosehin,
“Hence, the insurance industry must continue to evolve and adapt to meet the changing dynamics of our society. Mrs. Ilori’s leadership will play a pivotal role in driving this transformation, ensuring that the Institute remains a beacon of excellence and a catalyst for positive change.

“As we celebrate this momentous occasion, it is important to reaffirm our collective commitment to promoting a robust, resilient, strong and stable insurance industry that contributes to the economic stability and growth of Nigeria.

“Emerging realities and developments at the global and national levels today obviously calls for our collaborative effort to reposition the insurance profession and rebrand the industry such that our narratives can be better understood by all.

“We should be mindful of the perception of the insurance profession by the public and be deliberate in putting our narratives across.”

The NAICOM Chief Executive further gave assurances of  aligning the insurance sector with the Renewed Hope Agenda of President Bola Ahmed Tinubu and his ambitious goal of growing the Nigerian economy to $1 trillion by 2030.

“At NAICOM we view the institute as one of our veritable partners in the development of the much needed skilled-professionals in the course of achieving this goal.

“It is therefore imperative to reiterate our continuous support to the institute in the discharge of its responsibilities and look forward to exploring additional mechanisms of enhancing the existing relationship with the Institute and in facilitating improved perception, transparency and public confidence in the insurance industry”, he assured.

He also expressed confidence on the capacities and expertise of the new CIIN President, citing that her achievements and wealth of experience, coupled with her relentless pursuit of excellence, made her the perfect choice at this critical time to lead the Institute to new heights, fostering a culture of continuous improvement, growth and innovation.

In his words, “I am optimistic and confident that under Mrs Ilori’s leadership, the Chartered Insurance Institute of Nigeria, will continue to promote professionalism, uphold ethical standards, and foster educational development within the insurance industry.”