The Federal Government’s new reforms for the insurance sector, led by the National Insurance Commission (NAICOM), have raised hopes for a long-overdue transformation. For decades, the industry has suffered from poor service, delayed claims, and a deep lack of public trust. With fewer than 3% of Nigerians covered by any form of insurance, confidence is at rock bottom.
The reforms promise to change this. Higher capital requirements will ensure that companies are strong enough to pay claims. Clearer policy language will help customers understand exactly what they are buying. Strict timelines for claims payment will stop the endless waiting that has discouraged so many policyholders.
The introduction of a Consumer Protection Unit is a particularly welcome step. For the first time, Nigerians will have a dedicated body to defend their rights against companies that fail to honour their contracts.
But policies are only as strong as their enforcement. If NAICOM does not apply the rules consistently and penalise offenders, the reforms will be just another set of promises. The public is tired of policies without results.
Insurance is not just a financial product — it is a safety net. A credible insurance system can protect families, businesses, and investments from disaster. This reform is a rare opportunity to rebuild trust. It must not be wasted.
HALIMA IBRAHIM WAZIRI
Department of masscommunication university of Maiduguri
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