The National Insurance Commission (NAICOM) has teamed up with the Abia State Government to protect economic activities, reduce risks, and boost investor confidence.
The Commissioner for Insurance and CEO of NAICOM, Olusegun Omosehin, shared this when he visited Governor Alex Otti in Umuahia on Monday.
In a statement on Tuesday in Abuja, Omosehin said a strong insurance system is key to protecting business investments and securing livelihoods in important areas of the Abia economy.
He highlighted recent changes and assured Otti and his Executive Council that the new Insurance Policyholders’ Protection Fund (IPPF) would help maintain stability in the industry.
Omosehin explained that the Fund, set up by NAICOM under NIIRA2025, aims to protect the interests of policyholders.
He added that the Fund would help ensure quick and fair payment of valid claims, which would build consumer trust and confidence in the market.
He quoted Governor Otti as praising NAICOM’s efforts for the improvements in the insurance sector.
Otti promised his administration would support a lasting partnership with the insurance industry to improve risk management.
The NAICOM team included the Deputy Commissioner for Finance and Administration, Ekerete Gam-Ikon, along with presidents and senior leaders from the Nigerian Council of Registered Insurance Brokers.
Others in the team were representatives from the Nigerian Insurers Association, the Chartered Insurance Institute of Nigeria, and the Institute of Loss Adjusters of Nigeria.
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