The National Insurance Commission (NAICOM) has disclosed five strategic plans to directors of insurance institutions, to align with the Federal Governments’s economic agenda.

It also urged the insurance companies to ensure they cleared all their outstanding claims before the end of the year.

The Commissioner for Insurance, NAICOM, Mr. Segun Omosehin, disclosed this during the 2024 Insurance Directors Conference with the theme, ‘Board performance in the Nigerian insurance industry: A GRC approach’, in Lagos today, Wednesday, which was organized by College of Insurance and Financial Management in partnership with NAICOM

He noted that the theme which focused on the performance of the board and the critical role of Governance, Risk and Compliance (GRC) principles, could not have come at a better time.

Furthermore,  Naicom, is committed to aligning the insurance sector with the President’s goal of growing the Nigerian economy to USD$1tn by 2030, and to achieve this, the commission is committed to creating the necessary regulatory framework required to achieve meaningful contribution from the insurance sector.

Omosehin said, “Also, as part of our strategic plan, the commission has set five key priorities that will deliver on this agenda: Safeguard policyholders and improve confidence in the insurance industry; Strengthen our supervisory capabilities; Improve safety and soundness of our institutions; Foster Innovation and sustainability of the insurance industry; and enhance overall insurance accessibility and penetration in Nigeria.”

The Commission’s primary focus is on ensuring timely payment of genuine claims, and it expects all insurers to significantly reduce their outstanding claims by the end of the year, as emphasized during the last Insurers Committee meeting, because unnecessary delays in the settlement of genuine claims will no longer be tolerated, he said.

Moreso,  he said, “In conclusion, distinguished directors, I urge you all as policymakers across our institutions to develop and implement policies that promotes adherence to good governance, effective risk management and compliance principles.

“Our goal is to ensure sustainability, securing the long-term viability and future resilience of insurance entities. We all have a stake in the prosperity of our institutions since insurance sector’s growth is essential to the overall health and resilience of our national economy.”