Insurance Commission challenges companies to boost capacity for economic growth

The National Insurance Commission challenged insurance companies to convert capital raised during the sector’s recapitalization exercise into stronger underwriting capacity, faster claims settlement, and improved customer service. Commissioner for Insurance Olusegun Omosehin stated that the success of the recapitalization should be measured by the additional capacity created by the funds, not merely the amount of capital injected.

The Commission urged insurers that stronger balance sheets should enable them to take on larger risks, meet claims obligations, and invest in technology. This push aims to improve the industry’s ability to deliver better services and support broader economic growth.

Economic growth requires a dramatic expansion of productive capacity.