Insurance

Insurance a necessity for national development, say NAICOM, CIIN

Published

9 months ago

June 30, 2025

L-R: Commissioner for Insurance, Mr Segun Omosehin and President, Chartered Insurance Institute of Nigeria, Mrs. Yetunde Ilori

Insurance a necessity for national development, say NAICOM, CIIN

The Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has called for a nationwide embrace of insurance as a critical tool for national resilience and economic growth.

Speaking at the opening of the inaugural Insurance Week 2025, themed “Insurance for All: Securing Nigeria’s Future”, in Lagos on Monday, Omosehin emphasized the vital role of insurance in mitigating risk and safeguarding Nigeria’s future.

He described the event as more than a celebration, stating, “It is a call to action, a national awakening to the importance of insurance in everyday life.”

He highlighted how economic shocks, disasters, and health crises continue to pose threats to national development, asserting that insurance remains the most effective buffer against these risks.

Commending the Chartered Insurance Institute of Nigeria (CIIN) and its President, Mrs. Yetunde Olubunmi Ilori, for championing this national initiative, the Commissioner reaffirmed NAICOM’s commitment to industry reform.

These include improving consumer protection, fostering digital innovation, strengthening governance, and expanding access to underserved communities.

He called on all industry stakeholders, insurers, brokers, agents, and professionals to commit to public education, inclusive product design, prompt claims processing, and continuous investment in talent and technology.

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“As we mark Insurance Week, let us spread the message: insurance is not a luxury, it is a necessity,” Mr. Omosehin said.

He urged collaboration across sectors to ensure every Nigerian is protected and the nation’s economy becomes more resilient.

Mrs. Ilori described the initiative as a defining moment and strategic milestone in the Institute’s journey toward industry transformation.

Anchored on the EPIC Agenda—Education, Professionalism, Institutional Recognition, and Capacity Building—the President emphasized that this inaugural event specifically highlighted the pillars of education and institutional recognition.

It aimed to bridge the insurance literacy gap and celebrate excellence within the profession through education-driven programmes and credible awards.

The president credited the conception and execution of the Insurance Week to collaborative efforts across the industry, with notable leadership from some past CIIN presidents.

The week featured events such as an Innovation Hackathon, unveiling of a new mascot “Niko”, and a nationwide series of industry-focused activities.

Calling on clients and the public for active engagement, the President reaffirmed CIIN’s commitment to transparency and innovation.

With over N622 billion in claims paid in 2024, the Institute pledges to do more, stressing that the success of Insurance Week 2025 marks only the beginning of a renewed and dynamic insurance future in Nigeria.

The Insurance Week 2025 continues with nationwide activities and stakeholders’ engagements.

Insurance a necessity for national development, say NAICOM, CIIN

Insurance

Lasaco Assurance Deepens ESG Integration to Drive Sustainable Growth

Published

4 days ago

March 25, 2026

Trends Admin

Lasaco Assurance Deepens ESG Integration to Drive Sustainable Growth

Lasaco Assurance Plc has reinforced its growth strategy through the integration of Environmental, Social, and Governance (ESG) principles, aimed at strengthening resilience, improving governance standards, and delivering long-term value across its operations.

The company said its approach reflects a deliberate alignment of expansion goals with responsible underwriting, sound governance frameworks, and disciplined risk management practices.

Amid evolving regulatory requirements and rising stakeholder expectations, Lasaco noted that sustainability considerations are now being embedded into its core business processes to promote stability, transparency, and consistent performance.

Rather than treating ESG as a separate initiative, the insurer stated that it is incorporating governance oversight, compliance, integrity, and performance accountability into its strategic decision-making processes. This, it said, ensures that growth initiatives are supported by prudent financial management, structured risk evaluation, and strengthened internal controls.

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Speaking on the development, the Managing Director, Ademoye Shobo, stressed the importance of aligning business expansion with responsibility and governance.

“Sustainable growth requires discipline, accountability, and structured risk management. We are integrating ESG principles into our strategic framework to ensure that expansion remains supported by strong governance and responsible operational practices,” he said.

Lasaco further disclosed that it is enhancing its compliance architecture, reporting standards, and governance processes in line with industry requirements. The measures, according to the company, are designed to improve operational resilience, ensure regulatory compliance, and strengthen confidence among policyholders, partners, and other stakeholders.

The firm added that through disciplined governance, structured risk oversight, and responsible execution of growth strategies, it is positioning itself to remain competitive, boost market confidence, and deliver sustained value within Nigeria’s insurance sector.

Lasaco Assurance Deepens ESG Integration to Drive Sustainable Growth

Insurance

Lasaco Assurance Secures Shareholder Commitments to Drive Capitalisation Plans

Published

2 months ago

February 9, 2026

Trends Admin

Lasaco Assurance Secures Shareholder Commitments to Drive Capitalisation Plans

Lasaco Assurance Plc has secured formal commitment letters from its shareholders following its recently concluded Extraordinary General Meeting (EGM), reinforcing confidence in the company’s capitalisation strategy amid ongoing regulatory reforms in Nigeria’s insurance industry.

The commitments provide a clear pathway for the company to proceed with its approved plan to raise additional capital in compliance with the Nigerian Insurance Industry Reform Act and other relevant regulatory requirements.

Speaking on the development, the Acting Managing Director of Lasaco Assurance Plc, Mr. Ademoye Shobo, described the shareholders’ confirmation as a major milestone that brings clarity and certainty to the capital-raising process.

“The commitment letters from our shareholders give us the confidence to move forward with our capitalisation plans in line with the Nigerian Insurance Industry Reform Act and other regulatory guidelines governing the insurance industry. We intend to leverage all available opportunities to raise the approved capital, and our existing shareholders should watch out for our rights issue as part of this process,” Shobo said.

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With shareholders’ support now formally documented, the company is set to actively pursue various funding options to achieve the approved capital raise. Lasaco Assurance plans to deploy a combination of market-based instruments, including a rights issue and other permissible fundraising structures, to ensure efficient and timely capital mobilisation.

Management noted that the shareholder commitments further underscore investor confidence in the company’s growth strategy, corporate governance framework, and long-term business outlook. The planned capital raise is expected to strengthen the company’s balance sheet, enhance its underwriting capacity, and provide greater flexibility for expansion across its core insurance business segments.

As part of the capitalisation process, existing shareholders have been advised to look out for the forthcoming rights issue, which will allow them to participate proportionately in the company’s capital expansion. Lasaco Assurance reaffirmed its commitment to transparency and full regulatory compliance throughout the fundraising exercise.

The company described the capitalisation drive as a strategic move aimed at sustaining competitiveness, improving risk-bearing capacity, and positioning Lasaco Assurance for long-term growth within Nigeria’s insurance market. The initiative also aligns with broader industry efforts to enhance financial resilience and safeguard policyholders’ interests.

Lasaco Assurance Secures Shareholder Commitments to Drive Capitalisation Plans

Insurance

Client Commends NEM Insurance for Prompt Claims Settlement, Exceptional Customer Care

Published

2 months ago

February 9, 2026

Trends Admin

Client Commends NEM Insurance for Prompt Claims Settlement, Exceptional Customer Care

The Chief Executive Officer of King John Environment Services, Mr. Ogunyinka Johnson, has praised NEM Insurance Plc for its prompt claims settlement, exceptional customer service, and strong commitment to policyholders.

Mr. Ogunyinka, who has maintained a comprehensive insurance policy with NEM Insurance Plc for over five years, gave the commendation in a video testimonial, citing the insurer’s efficient handling of multiple claims involving his two trucks.

According to him, the first claim was settled seamlessly, while the second—described as more challenging—was also handled professionally and to his satisfaction.

“The first claim was handled perfectly, and the second one, although challenging, was managed excellently. What surprised me most was the warm reception I received. An insurance company actually welcomed me with a beautiful cake for my birthday while paying my claim. That is not ordinary,” he said.

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Describing NEM Insurance as “a very good insurance company,” Mr. Johnson reaffirmed his loyalty to the insurer, noting that his positive experience has strengthened his relationship with the company.

“I have so much interest in NEM, and I will continue to maintain a very good relationship with them. Even without being prompted, I have been recommending them to people,” he stated.

He further noted that NEM Insurance stands out not only for providing reliable insurance coverage but also for building strong, trustworthy, and long-lasting relationships with its clients.

“Sincerely, I am very sure NEM has many people waiting to experience the kind of policy that gives them a solid ground,” he added.