Mr. Olusegun Omosehin Managing Director and Chief Executive Officer of Old Mutual Nigeria Life Assurance Company Ltd has assumed office as the 25th Chairman of the Nigerian Insurers Association (NIA). He was elected along with other the following principal officers at the Association’s 51st Annual General Meeting held on Thursday, 25 August 2022 in Lagos.
In his acceptance speech, the newly elected chairman urged members to support him in his quest to drive change in the industry through self-regulation and enforcement of market conduct to enable the insurance industry to take its rightful place amongst the pillars of economic growth and prosperity. This, he assured, would enable insurers earn the trust of Nigerians. to address the issues affecting the operators.
Hear him “Please remember that the change we seek must start with us as an industry. We must strengthen our capacity to self-regulate and be bold and courageous in enforcing our market conducts. This will enable us as an industry take our rightful place amongst the pillars of economic growth and development in Nigeria. We must understand the importance of protecting our collective dreams and aspirations and positioning ourselves appropriately to earn the trust of our nation. A lot of work has been done in this regard by successive leadership of the association leading to national recognition for our industry, but much more is still required to be done. This will be trust earned through our demonstration of capacity, competence, integrity, and conscientiousness”.
Omosehin promised to work with the insurance industry regulator in unpacking solutions that works for a developing country like Nigeria and assured that member companies will comply with extant regulations that will promote growth in the sector.
“I want to assure that we shall work closely with NAICOM in all areas, particularly in unpacking solutions that works for a developing market like Nigeria and in ensuring compliance with all extant regulations that will promote the growth and development of our industry” he assured
He also pledged to collaborate with other arms of the insurance industry such as the Nigeria Council of Registered Insurance Brokers (NCRIB); the Institute of Loss Adjusters of Nigeria (ILAN), the Chartered Insurance Institute of Nigeria (CIIN), Association of Registered Insurance Agents of Nigeria (ARIAN), and others, to achieve our goal of a prosperous insurance industry.
The newly elected chairman paid glowing tributes to the past Chairmen and founding fathers of the association for laying a strong foundation for the Association and promised to build on the achievements of the past leaders.
“Once again, I wish to recognize the efforts of all my predecessors for their commitment to the ideals of our Association. My tenure would build on your achievements and focus more on areas requiring improvements. We shall encourage members to deploy innovation to increase acceptability, accessibility, availability, adequacy and affordability of insurance products and services. Because only then can we fulfil our promise of protecting the lives and dreams of our customers, he assured.
Other officers of the Council elected at the AGM are: Mrs. Bola Odukale –Managing Director/ Chief Executive Officer, Capital Express Assurance Company Ltd as Deputy Chairman.Mr. Kunle Ahmed -Managing Director/ Chief Executive Officer, Axa Mansard Insurance Plc as Honorary Treasurer and Mrs. Folashade Joseph -Managing Director/ Chief Executive Officer, Nigerian Agricultural Insurance Corporation as the honorary Assistant Treasurer.
While Mrs. Ukachi Orji – Managing Director/ Chief Executive Officer, KBL Insurance Ltd was re-elected into the Council, Mr. Babatunde Fajemirokun- Managing Director/ Chief Executive Officer, AllCO Insurance Plc was elected to the Council.
