The National Insurance Commission (NAICOM) has urged insurance operators to shift their focus from the amount of capital raised during the industry’s recapitalisation exercise to the value that capital can create through stronger underwriting, improved claims settlement, innovation, and enhanced customer service.
The call was made by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, at the 2026 BusinessDay Insurance Conference themed “From Capital to Capacity: Driving Growth, Innovation and Trust in Nigeria’s Insurance Sector.”
Omosehin, who was represented by Clifford Ndubem, Head of Finance, Lagos Control Office of NAICOM, said recapitalisation was never intended to be an end in itself.
He noted that the success of the exercise would ultimately be measured by how effectively insurers convert capital into stronger operational capacity, better governance, technological advancement, and improved customer experience.
According to Omosehin, the industry must now show tangible results from the additional capital raised, particularly in areas such as underwriting strength, claims-paying ability, customer satisfaction, and public confidence.
He added that the industry’s ability to support major infrastructure projects and retain more risks domestically would be critical to unlocking future growth.
The NAICOM boss also challenged insurers to embrace technology as customer expectations continue to evolve.
Omosehin stressed that innovation should no longer be viewed as a competitive advantage alone but as a business necessity for insurers seeking to remain relevant in a rapidly changing marketplace.
NAICOM identified trust as one of the most important factors that will determine the success of the industry’s next phase of growth.
According to Omosehin, the industry’s long-term objective should be to transform capital into capability, capability into innovation, and innovation into sustainable growth.
The remarks come after NAICOM concluded the insurance recapitalisation exercise on July 31, 2026, marking the end of the 12-month compliance period granted to operators following the enactment of the new insurance law signed by President Bola Ahmed Tinubu in July 2025.
The insurance recapitalisation exercise followed a similar programme in the banking sector, where 33 banks collectively raised about N4.66 trillion over a 24-month period. Attention is now turning to the pension industry, where operators are expected to meet revised capital requirements set by the National Pension Commission (PenCom) before the December 31, 2026 deadline.
