The newly inaugurated 23rd president of the Nigerian Council of Registered Insurance Brokers, Ekeoma Ezeibe, has unveiled plans to expand insurance awareness nationwide.
NIIRA introduced a shift to a risk-based capital (RBC) framework for insurance and reinsurance companies in the country.
The insurance consultant urged NAICOM to provide clear regulatory guidance and ensure fair enforcement.
Me Omosehin said the critical role of recapitalisation was to stabilise the industry and contribute to the country’s $1 trillion economy vision.
Mr Omosehin urged stakeholders to be committed to advancing risk management practices that align with Nigeria’s development aspirations.
The commission said that any third-party motor insurance policy issued by NCIS or its affiliate was illegal.
He emphasised the importance of the collaboration in mitigating risks associated with electrical accidents.
NAICOM said insurance companies are expected to comply with the new requirements to ensure a stable and secure annuity business
Statistics from the National Insurance Commission (NAICOM) say the insurance industry recorded N3.877 billion in total assets in the third quarter of 2024.
She said the NAICOM boss tasked the insurance companies’ executives to defend the industry through payment of genuine claims, which is integral.
