NAICOM shifts focus to claims, technology and growth after insurance recapitalisation

The National Insurance Commission (NAICOM) is shifting its focus from capital raised during the recapitalisation exercise to the value that capital can create in the Nigerian insurance sector. Commissioner for Insurance and Chief Executive Officer Olusegun Ayo Omosehin emphasized this shift during the 2026 BusinessDay Insurance Conference.

NAICOM's Omosehin pointed out that the purpose of recapitalisation was not to merely raise funds but to convert those funds into stronger operational capacity, improved governance, technological advancements, and enhanced customer experience. The new focus will require insurers to demonstrate tangible results in areas such as underwriting strength, claims-paying ability, customer satisfaction, and public confidence.

NAICOM also stressed the importance of embracing technology to meet evolving customer expectations and challenged insurers to see innovation as a necessity rather than merely a competitive advantage. The Commission highlighted trust as a critical factor for the industry's future growth, aiming for the successful transformation of capital into capability, innovation, and sustainable growth.

This strategic shift comes after the successful completion of the insurance recapitalisation exercise on July 31, 2026, following a 12-month compliance period. The exercise, similar to one in the banking sector, aimed to bolster the sector's capacity and resilience.