The National Insurance Commission (NAICOM) has entered into a partnership with the Abia State Government aimed at safeguarding economic activities, mitigating risks, and enhancing investor confidence in the state. This collaboration was announced by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, during a visit to Governor Alex Otti in Umuahia on Monday.
Strengthening Insurance System
In a statement released on Tuesday in Abuja, Mr. Omosehin emphasized that a robust insurance system is fundamental to protecting business investments and securing livelihoods across critical sectors of the Abia economy. He highlighted recent reforms undertaken by NAICOM and assured Governor Otti and his Executive Council that the newly established Insurance Policyholders’ Protection Fund (IPPF) would reinforce industry stability.
Policyholders’ Protection Fund
Mr. Omosehin explained that the Fund, instituted by NAICOM under the provisions of the NIIRA 2025, is designed to safeguard policyholders’ interests. He assured that the Fund would ensure prompt and equitable settlement of valid claims, thereby strengthening consumer trust and market confidence.
Governor Otti’s Response
Governor Otti commended NAICOM’s leadership for the progress achieved in the insurance sector. He pledged his administration’s support in fostering a sustainable partnership with the insurance industry to enhance risk management across the state.
Delegation Members
The NAICOM delegation included the Deputy Commissioner (Finance & Administration), Ekerete Gam-Ikon, along with presidents and senior executives from the Nigerian Council of Registered Insurance Brokers. Also present were representatives from the Nigerian Insurers Association, the Chartered Insurance Institute of Nigeria, and the Institute of Loss Adjusters of Nigeria.
This partnership is expected to create a more resilient economic environment in Abia, attracting investments and protecting businesses from unforeseen risks.
