The National Insurance Commission (NAICOM) has called on insurance operators to prioritize the value created from the recent recapitalisation over the capital itself. At the 2026 BusinessDay Insurance Conference, Commissioner Olusegun Ayo Omosehin highlighted the importance of transforming capital into operational capacity and improved customer service.
Omosehin stressed that the industry must demonstrate tangible results from the additional capital, particularly in underwriting strength and claims-paying ability. Insurers are urged to enhance their capacity to handle larger risks and settle claims efficiently, thus building public confidence.
Technology and innovation are now essential for insurers to meet evolving consumer demands for convenience and transparency. NAICOM encourages the use of data analytics and artificial intelligence to improve operational efficiency and product accessibility.
Trust remains a critical factor for the industry's growth, with successful claims settlements being key to strengthening consumer confidence. NAICOM aims to keep policyholders at the center of operations to enhance service delivery.
Following the completion of the recapitalisation exercise on July 31, 2026, NAICOM reported that 50 companies met the new capital requirements, marking a significant milestone in the industry's transformation and its ability to support economic growth.