NAICOM Calls for Stronger Consumer-Focused Insurance Practices
The National Insurance Commission (NAICOM) has urged insurance operators to embrace customer-centred reforms to rebuild public trust and deepen insurance penetration in Nigeria.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, made the call at the opening ceremony of the 2026 Insurance Week in Lagos on Monday.
Omosehin, who was represented by the Deputy Commissioner for Insurance, Finance and Administration, Mr Ekerete Ola Gam-Ikon, emphasised the need for insurers to shift from product-driven strategies to solutions tailored to customers’ needs.
According to him, a recurring criticism of the industry is the perception that insurers focus more on selling existing products rather than designing products that address customers’ realities.
“Insurers must deliberately transition from a product-centric approach to a customer-centric model.
“This entails actively involving clients in the product development process, seeking their input, understanding their expectations and designing solutions that align with their real-life needs.
“When clients are actively engaged in product design, several positive outcomes emerge.
“Products become more relevant and accessible, pricing structures become more acceptable and, most importantly, trust and ownership are significantly enhanced,” he said.
Omosehin noted that the insurance industry must prioritise public understanding, transparency and simplified claims processes to improve confidence in the sector.
He also called for the simplification of insurance documentation and communication, saying insurance should not be perceived as complicated or inaccessible.
The NAICOM chief described claims settlement as the “moment of truth” in insurance, warning that delays and ambiguities in claims processes undermine confidence in the industry.
“Insurers must ensure that policyholders are well-informed about claims procedures, from documentation requirements to timelines and expectations,” he said.
Omosehin noted that the commission remained committed to promoting financial literacy, consumer education and transparency through strategic partnerships and innovative communication channels.
He said the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 would further strengthen policyholder protection, improve governance and support sustainable growth in the industry.
According to him, the reforms were designed to create a more resilient, inclusive and customer-focused insurance sector capable of contributing meaningfully to national development. Nigeria Eurobonds Yield Climbs as Inflation Shifts Sentiment
