The National Insurance Commission (NAICOM) has charged insurance and reinsurance companies to ensure prompt settlement of claims to build confidence in the industry.
The Commissioner for Insurance, Mr Olusegun Omosehin, said this in a notice on Thursday Abuja.
Omosehin also tasked the companies to exhibit and maintain customer-centric practices.
He said the call was in line with the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Omosehin said the companies must adopt sound risk management frameworks and investment in technology for operational efficiency.
He also called on the companies to ensure the transparent reporting and prompt submission of their monthly progress returns in line with NIIRA 2025.
He called on actuarial firms and professionals to support insurers in IFRS 17 implementation, liability valuation and Risk Based Capital (RBC) readiness.
Omosehin charged the firms to provide robust pricing models for compulsory insurance and
emerging risks.
”You must collaborate with NAICOM to strengthen industry-wide actuarial capacity.
”NIIRA 2025 is our collective pact with the Nigerian people; a commitment to resilience, trust, and innovation.
”Compliance is only the beginning. Together, we must build an industry that is digitally native, regionally competitive, and globally respected.
”The NAICOM of today stands ready to guide, engage, and collaborate.
”Let us seize this moment, not as a regulatory burden, but as a strategic opportunity to redefine the future of insurance in Nigeria and across Africa,” he said.
