Nigeria’s insurance sector is set for a major regulatory shift as the National Insurance Commission, NAICOM, moves to fast-track the implementation of a Risk-Based Capital framework aimed at strengthening financial stability and protecting policyholders.
To drive the process, NAICOM has appointed global professional services firm Ernst and Young, EY, as Consulting Actuary for the finalization and implementation of the framework. The appointment was formalized during a working meeting in Abuja as part of ongoing efforts to reposition the insurance industry.
Commissioner for Insurance, Olusegun Ayo Omosehin, says the Commission is accelerating reforms following recent legislation and ongoing recapitalization efforts, stressing that the framework will introduce stronger supervision and a more resilient insurance market.
NAICOM says the next phase will include industry-wide data collection and quantitative impact studies to fine-tune the framework before full implementation. EY, in response, pledged to work closely with the Commission and stakeholders to deliver a practical and effective framework tailored to Nigeria’s insurance market.
