The National Insurance Commission (NAICOM) has teamed up with the Abia State Government to protect economic activities, reduce risks, and boost investor trust.
The Commissioner for Insurance and CEO of NAICOM, Olusegun Omosehin, spoke about this during a visit to Governor Alex Otti of Abia in Umuahia on Monday.
In a statement on Tuesday in Abuja, Mr Omosehin said a strong insurance system is key to protecting business investments and securing jobs in important areas of the Abia economy.
He highlighted recent changes in the insurance sector and assured Governor Otti and his Executive Council that the new Insurance Policyholders’ Protection Fund (IPPF) would help keep the industry stable.
Mr Omosehin explained that the Fund, set up by NAICOM according to the NIIRA2025 guidelines, aims to protect the interests of policyholders.
He also said the Fund would make sure that valid claims are paid quickly and fairly, which will help build consumer trust and confidence in the market.
Mr Otti praised NAICOM’s leadership for the progress made in the insurance sector.
He promised that his government 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 leaders and senior officials from the Nigerian Council of Registered Insurance Brokers.
Others in the group were representatives from the Nigerian Insurers Association, Chartered Insurance Institute of Nigeria, and the Institute of Loss Adjusters of Nigeria.
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