NAICOM Highlights Insurance Reform and Industry Growth as NAIPE Marks 10th Annual Conference

The Nigerian insurance and pension sectors were in the spotlight on Tuesday as the 10th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) held at the Oriental Hotel, Victoria Island, Lagos, underscored the importance of industry reforms and collaboration.

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, who could not attend in person, was represented by Mr. Talmiz Usman, Director of Legal, Enforcement, and Market Development at the National Insurance Commission (NAICOM). Mr. Usman delivered the Commissioner’s keynote remarks, highlighting the Commission’s commitment to strengthening Nigeria’s insurance and pension frameworks.

In his message, Mr. Omosehin praised NAIPE for a decade of excellence in journalism, noting the association’s critical role in shaping public understanding of the insurance and pension sectors. “NAIPE’s efforts have been invaluable in promoting industry growth, fostering public awareness, and reinforcing insurance as a cornerstone of Nigeria’s economic stability,” the Commissioner said through Mr. Usman.

The keynote also reflected on the alignment between NAIPE’s conference theme, “Strengthening Pension and Insurance Framework for Better Economy,” and NAICOM’s strategic initiatives. A major highlight was the Nigeria Insurance Industry Reform Act (NIIRA) 2025, described as a transformative framework designed to modernize the sector, drive innovation, and elevate consumer protection.

“The NIIRA 2025 is not just legislation; it is a game-changer that fosters an ecosystem for product innovation, testing of new distribution channels, and implementation of international best practices adapted to Nigeria’s unique context,” the Commissioner said.

Mr. Omosehin also emphasized that NAICOM remains committed to ensuring a sound, stable, and well-regulated insurance industry. The Commission’s recent directives, circulars, and guidelines—including regulations on minimum capital requirements—are part of ongoing efforts to promote transparency, operational efficiency, and policyholder protection.

The Commissioner, through Mr. Usman, reaffirmed the importance of collaboration between NAICOM, industry stakeholders, and media partners like NAIPE. “Together, we can strengthen public confidence, improve market efficiency, and create a robust framework that benefits all Nigerians,” he added.

The conference also celebrated NAIPE’s 10th anniversary, recognizing its unwavering dedication to showcasing the sector positively across multiple platforms. The event served as a reminder that media and regulatory collaboration is key to driving Nigeria’s insurance and pension sectors forward, supporting broader economic growth and financial inclusion initiatives.

NAICOM Commissioner Olusegun Ayo Omosehin, represented by Talmiz Usman, highlights insurance reforms and industry growth at NAIPE’s 10th Annual Conference, emphasizing the impact of NIIRA 2025 on Nigeria’s economy.