The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has emphasized the need for the insurance sector to utilize its new capital regime not only to improve balance sheets but also to foster stronger institutions and build public confidence.
Speaking at the 8th Annual Insurance Directors’ Conference, which was organized by the College of Insurance and Financial Management alongside the National Insurance Commission (NAICOM), Oyedele, represented by finance expert Dr. Greg Ezeilo, urged insurance companies to view their transition to the new capital requirements as a pivotal opportunity for strategic transformation rather than just a regulatory obligation.
He highlighted that success should be measured by the effectiveness of the capital in protecting policyholders, absorbing market shocks, building confidence, and contributing to economic progress.
During the conference, Olusegun Ayo Omosehin, the Commissioner for Insurance, advised directors to focus on the quality of their capital, how it is deployed, the risks it covers, and the returns it generates, to ensure resilience in the face of new capital challenges. He cautioned that merely meeting recapitalization requirements does not guarantee the long-term resilience of their institutions.
