The Insurance industry of today is clearly charting a different path from what it used to be in the past, as underwriting firms have been told to sell what they can service because the National Insurance Commission, NAICOM, now has zero tolerance for default of valid claims
The Commissioner for Insurance, Ayo Olusegun Omosehin who stated this at the 2025 Annual Conference of the National Association of Insurance and Pension Editors, NAIPE, in Abeokuta, Ogun State reiterated that insurance is a promise of protection, and its impact must be felt in the society.
According to the Commissioner, the industry has demonstrated its capacity to honour large obligations, citing the instance of prompt settlement of ($55)about ₦82.5 billion naira claims to Brittania-U, an indigenous petroleum company after a devastating fire outbreak, saying Brittania-U had only paid ₦255 million premium.
The petroleum firm, which operates the Ajapa marginal field, and owns the FPSO Brittania, UI had a major fire incident in July, 2024.
According to Omosehin, the Commission after a thorough assessment, Britannia -UI’s initial ($72) ₦108 billion claim was adjusted to ($55) ₦82.5 billion, which a consortium of underwriters has now fully paid.
The Commissioner Mr. Olusegun Omosehin, commended the move saying its a proof that the industry is responsive and reliable when it comes to valid claims.
He further explained that the single settlement was part of the nearly ₦180 billion in large claims the industry had settled for corporate clients this year aside the numerous smaller claims across the industry.
“I have never been more proud of this industry than I am now; this settlement demonstrates its strength and credibility,” he said.
The Commissioner equally noted that NAICOM has been working round the clock to ensure that it provides more oversight functions as well as making informed decisions, leveraging on data, while also encouraging collaborations accross various institutions.