Otti Backs NAICOM Reforms, Pledges Partnership To Boost Investment Protection In Abia

By LOVETH AZODO, Lagos

Governor of Abia State, Alex Otti, has pledged his administration’s support for deeper collaboration with Nigeria’s insurance industry to strengthen risk management, protect investments, and enhance economic resilience in the state.

The governor gave the assurance on Monday while receiving a high-level delegation from the National Insurance Commission (NAICOM) and key industry stakeholders led by the Commissioner for Insurance, Olusegun Ayo Omosehin, at the Government House in Umuahia.

Otti commended the leadership of NAICOM for what he described as the significant progress recorded in reforming the insurance sector, assuring the delegation of his government’s readiness to support initiatives aimed at expanding insurance awareness, improving risk protection, and fostering a more resilient business environment in Abia State.

The commitment followed discussions on strategic areas of cooperation between the state government and the insurance industry, particularly on safeguarding economic activities, mitigating business risks, and boosting investor confidence.

Speaking during the meeting, Omosehin stressed that a strong insurance framework remains critical to protecting investments and livelihoods across key sectors of the economy. He noted that recent reforms introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 were designed to strengthen consumer confidence and improve the industry’s contribution to economic growth.

The Commissioner also highlighted the newly established Insurance Policyholders’ Protection Fund (IPPF), describing it as a major reform initiative that would guarantee prompt and equitable settlement of valid claims while providing an additional layer of protection for policyholders.

According to him, the fund is expected to reinforce industry stability and further deepen public trust in insurance as a reliable financial safety net.

The delegation included NAICOM’s Deputy Commissioner for Finance and Administration, Ekerete Ola Gam-Ikon, alongside leaders of the Nigerian Council of Registered Insurance Brokers, Nigerian Insurers Association, Chartered Insurance Institute of Nigeria and Institute of Loss Adjusters of Nigeria.