In a keynote address that blended optimism with urgency, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, challenged Nigeria’s insurance professionals to rise to a historic moment of reform and renewal.
Speaking at the Chartered Insurance Institute of Nigeria’s (CIIN) 2025 Insurance Professionals Forum held on Thursday, September 11, 2025, at Park Inn by Radisson, Abeokuta, Omosehin declared that the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 has ushered in a “new dawn” for the sector — one that demands excellence, trust-building, and digital innovation.
“The NIIRA 2025 is not just regulatory, it is transformational,” Omosehin told an audience of industry leaders, regulators, and practitioners. “It lays the foundation for a more resilient, transparent, and competitive insurance ecosystem that can strengthen investor confidence, protect policyholders, and position insurance as a pillar of national development.”
The Commissioner congratulated insurance professionals nationwide for the passage of the landmark Act, which consolidates decades of fragmented legislation into a unified framework. He emphasized that the law introduces a Risk-Based Capital model, establishes a Policyholder Protection Fund, and supports financial inclusion and digital transformation — reforms designed to align Nigeria with global best practices.
Reflecting on the theme of this year’s forum, “Nurturing the Insurance Industry for Sustainable Growth,” Omosehin noted that sustainable growth goes beyond premium expansion. Instead, it requires cultivating trust, strengthening regulations, driving innovation, and integrating Environmental, Social, and Governance (ESG) principles.
He highlighted four urgent priorities for the sector:
- Professional Capacity Building: through continuing education, ethical leadership, and knowledge-sharing.
- Digital Transformation: by embracing AI-driven underwriting, blockchain for claims, data analytics, and digital distribution channels.
- Financial Inclusion: via microinsurance, parametric solutions, and mobile platforms to reach underserved populations.
- Regulatory Strengthening: ensuring balance between innovation and consumer protection while fostering stability and accountability.
Omosehin’s keynote struck a reflective tone on the need for trust and credibility in the industry, stressing that “rebuilding confidence is as critical as capital reforms.” He reminded practitioners that the future of insurance in Nigeria will hinge on their ability to meet rising stakeholder expectations and contribute tangibly to the country’s vision of a $1 trillion economy.
“The success of this reform depends on our collective commitment to implementation, compliance, and continuous improvement,” he urged. “Let us seize this moment to create an industry that is not only financially sustainable but also socially responsible — serving people, supporting economic development, and demonstrating enduring values.”
Why It Matters
The NIIRA 2025 represents the most comprehensive overhaul of Nigeria’s insurance laws in decades. For an industry often criticized for inefficiency, weak capital structures, and lack of public trust, the Act is viewed as a game-changer. Analysts say its provisions — from risk-based capital requirements to the establishment of a policyholder protection fund — are designed to build resilience in the sector and protect consumers in an increasingly volatile economy.
At a time when President Bola Ahmed Tinubu’s administration is banking on a $1 trillion economy vision, insurance is expected to play a pivotal role in mobilizing long-term funds, cushioning risks for businesses, and expanding financial inclusion. The sector, which currently contributes less than 1% to GDP, is now under pressure to demonstrate its relevance to Nigeria’s broader economic transformation.
Industry Stakeholders’ Reactions
The keynote has already sparked conversation across the insurance landscape.
- Mr Celestine Ukpong, an economist and investor savvy, praised the Commissioner’s message, noting that “the industry has long awaited a reform framework with teeth. NIIRA 2025 provides that clarity, but execution will be key.”
- A Group Managing Director of An Insurance, welcomed the emphasis on digital transformation, adding, “Insurance cannot afford to remain analog in a digital Nigeria. Technology will be the bridge between us and the millions of uninsured citizens.”
- upcoming young insurance broker, who requested anonymity, said the challenge of trust cannot be overstated: “We must change how Nigerians perceive insurance. If we fail to pay claims promptly, all the reforms will mean nothing.”
- Independent analysts also pointed out that regulatory reforms will need to be matched with strong enforcement. “Risk-based capital is a step forward, but NAICOM must ensure compliance without compromise,” one expert said.
The CIIN forum closed with a renewed sense of direction. For practitioners, the message was clear: the law is only the starting point. The future of insurance in Nigeria will depend on execution, innovation, and the ability to win back the confidence of Nigerians who still view the industry with skepticism.
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