NAICOM RENEWS PUSH TO EXPAND INSURANCE THROUGH TAKAFUL

The National Insurance Commission (NAICOM) has renewed its commitment to using Takaful insurance to deepen insurance penetration and promote financial inclusion in Nigeria.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, made this known following a high-level diagnostic assessment of Nigeria’s Takaful sector by the Islamic Financial Services Board (IFSB).

Omosehin said Takaful should be viewed as an alternative insurance model capable of serving a broad range of consumers while operating under established Shariah governance principles.

He urged the IFSB delegation to provide practical, data-driven recommendations that could strengthen Nigeria’s regulatory framework and support the sustainable development of the Takaful market.

The NAICOM boss also identified stronger risk-based capital requirements, improved data transparency, effective supervision, and prudent management of surplus funds as key areas requiring attention.

According to him, strengthening these areas will help protect policyholders, improve consumer confidence, and create a more resilient Takaful industry.

NAICOM said its collaboration with the IFSB represents an important step towards developing a stronger Takaful ecosystem that can contribute to financial inclusion, innovation, and sustainable economic growth in Nigeria.