The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, has called on directors in the Nigerian insurance industry to prioritize Governance, Risk, and Compliance (GRC) principles for improved corporate governance and sustainability. He made this appeal during the 2024 Insurance Directors’ Conference held at the Radisson Blu Hotel, Ikeja, Lagos, on November 20, 2024.
Speaking on the theme, “Board Performance in the Nigerian Insurance Industry: A GRC Approach,” Mr. Omosehin stressed that adopting GRC frameworks is no longer optional but a critical necessity for enhancing decision-making, transparency, and risk management at the board level.
He noted that the insurance industry faces challenges such as weak corporate governance practices, poor risk management, and low compliance culture, urging boards to demonstrate genuine commitment to these principles.
Mr. Omosehin reaffirmed the National Insurance Commission’s (NAICOM) commitment to supporting Nigeria’s economic growth target of $1 trillion by 2030. He highlighted key regulatory priorities, including:
Safeguarding policyholders and building confidence in the insurance industry.
Strengthening supervisory capabilities.
Ensuring institutional soundness and promoting innovation.
Enhancing accessibility and penetration of insurance products.
He also emphasized the need for timely settlement of claims, stating that insurers failing to meet their obligations will face strict regulatory actions.
Concluding his remarks, Mr. Omosehin urged directors to drive policies that align with NAICOM’s goals, ensuring the industry’s sustainability and contribution to Nigeria’s economic resilience.
