The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has charged promoters of Takaful Insurance to subdue the challenges confronting development of the market by harnessing the potentials of the business line through increased participation and awareness creation.

He gave this charge while addressing members of the   Takaful Advisory Council (TAC), who paid courtesy visit to his office in Abuja recently.

He reaffirmed the commission’s commitment to Takaful Insurance development.

Omosehin commended TAC for its commitment and contributions to the development of Takaful insurance in the country, describing the meeting as an interactive session aimed at identifying areas for expansion and improvement within the Takaful Insurance sub-sector.

The NAICOM boss stated that Nigeria’s population of over 200 million people presents a significant opportunity for the growth of Takaful insurance, stressing that the market potential cuts across religious boundaries. He emphasised that the key challenge lies in harnessing this potential through increased participation and awareness.

Earlier, the Chairman of the Takaful Advisory Council, Professor Abdulrazzaq Abdulmajeed Alaro, congratulated NAICOM’s management on the enactment of the NIIRA 2025, describing it as unprecedented.

He disclosed that the council had formally written to the commission to express its appreciation upon receiving the news of the new law. He described the meeting as the first of its kind, bringing together the TAC and NAICOM management to exchange ideas and perspectives.

Abdulrazzaq called on NAICOM, in its capacity as the industry regulator, to continue supporting awareness creation for Takaful Insurance, which he identified as a major challenge facing the sector.