By Onu Okorie

National Insurance Commission (NAICOM) has challenged insurance companies to translate the gains of the recently concluded recapitalisation exercise into stronger underwriting capacity, faster claims settlement, technological innovation and greater public confidence.
Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, gave the charge at the BusinessDay Insurance Conference 2026, themed, “From Capital to Capacity: Driving Growth, Innovation and Trust in Nigeria’s Insurance Sector.”
Omosehin said the completion of the recapitalisation exercise should mark the beginning of a new phase for the insurance industry rather than the end of regulatory reforms.
According to him, the success of the exercise should not be measured simply by the volume of capital raised, but by what the additional capital enables insurers to deliver to policyholders and the wider economy.
“Capital without capacity is merely a number on a balance sheet,” Omosehin said, stressing that financial strength must translate into better service delivery, stronger governance, technological advancement, prompt claims settlement, product innovation and improved customer experience.
NAICOM recently announced that 43 insurance and reinsurance companies had successfully met the prescribed minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, while eight companies were undergoing final verification.
Omosehin said stronger balance sheets should enable insurers to underwrite larger and more complex risks, retain more risks within Nigeria and support major infrastructure and economic projects.
He identified Nigeria’s growing population, expanding infrastructure, digital economy, agricultural transformation and emerging middle class as major areas of opportunity for the industry.
However, he noted that insurers must invest in people, governance, technology and public education if they are to take advantage of these opportunities.
The commissioner also urged operators to embrace technology, data analytics and responsible artificial intelligence to simplify insurance processes and develop products that are affordable, accessible and responsive to changing consumer needs.
He described innovation as an obligation rather than merely a competitive advantage, arguing that modern consumers increasingly expect convenience, speed, transparency, personalisation and simplicity from service providers.
On public confidence, Omosehin identified trust as one of the most valuable assets of the insurance industry, with claims payment serving as the clearest demonstration of the sector’s value.
He said every properly settled claim strengthens confidence, while delayed or unresolved claims weaken trust.
“The true test of any insurance company is not how many policies it sells. The true test is how effectively it responds when policyholders need support,” he said.
He therefore reaffirmed NAICOM’s commitment to consumer protection and policies that place policyholders at the centre of insurance operations.
The commissioner further called for greater investment in human capital, noting that insurers now face increasingly complex risks, including cyber threats, climate-related exposures, supply-chain disruptions, artificial intelligence risks, pandemics and geopolitical uncertainties.
He said professionals in the sector must therefore acquire modern skills and continuously update their knowledge to manage emerging risks effectively.
Omosehin stressed that insurance was critical to Nigeria’s economic transformation because a strong sector could protect businesses, facilitate investment, promote financial inclusion and strengthen economic resilience.
He called for collaboration among regulators, insurers, brokers, policymakers, the media and policyholders to build an industry that is financially strong, technologically advanced, customer-focused and globally competitive.
Regulatory implications: The post-recapitalisation phase will place greater emphasis on how insurers deploy their stronger capital bases, meet policyholder obligations, strengthen governance, adopt technology and improve market conduct. NAICOM has indicated that its regulatory focus will continue to include consumer protection, risk-based supervision, innovation and deeper insurance penetration.
The commissioner said the industry’s next chapter should be defined by its ability to convert capital into capability, capability into innovation, innovation into trust and trust into sustainable growth.
This version keeps the story focused on the central regulatory message: **recapitalisation is now a starting point, with delivery to policyholders and the economy becoming the real test.**