The Nigerian Association of Insurance and Pension Editors (NAIPE) marked a major milestone with the celebration of its 10th Annual Conference in Lekki, Lagos, bringing together regulators, operators, and stakeholders to reflect on a decade of industry engagement and chart the way forward for insurance and pensions in Nigeria.
The panel session, which formed the highlight of the anniversary conference, was anchored by the immediate past Commissioner for Insurance and former NAICOM Chief Executive, Mr. Thomas O. Sunday. He was joined on the high table by leading industry figures including Dr. Talmiz Usman, Director, Legal, Enforcement and Market Development at NAICOM; Mr. Ibrahim Buwai, Head of Corporate Communications at PenCom; and Mr. Adetunbi Ashaye, Group Deputy Managing Director/CEO of Rex Insurance Limited.
This year’s conference is themed: “Strengthening Pension and Insurance Framework for a Better Economy.”
According to the association, the choice of theme reflects the critical role a robust pension and insurance framework plays in ensuring financial security, social stability, and sustainable economic growth.
In his reflections, Mr. Sunday emphasized the evolving role of regulatory reforms in strengthening trust and expanding penetration in both the insurance and pension sectors. He pointed to the recently enacted National Insurance Reform Act (NIRA) as a critical framework for enhancing capital strength, boosting underwriting capacity, and increasing claims settlement confidence across the industry.
Dr. Usman, representing the NAICOM Commissioner, noted that insurance operators must look beyond traditional models to capture Nigeria’s vast informal economy, which contributes a significant share to the GDP but remains largely uninsured. He urged creative approaches to expand financial inclusion and position insurance as a safety net for everyday risks.
The immediate past Commissioner for Insurance and former NAICOM Chief Executive, Mr. Thomas O. Sunday
From the pension regulator’s perspective, Mr. Buwai outlined PenCom’s plans to redesign and rebrand the micro pension scheme into a more dynamic Personal Pension Plan, tailored to diverse categories of informal workers. “Our focus is on stratifying products to cover artisans, entertainers, and sports professionals, while leveraging fintechs and super agents for seamless onboarding. The goal is to expand coverage and provide social security for millions of Nigerians outside the formal workforce,” he explained.
Also contributing, Mr. Ashaye of Rex Insurance Limited stressed the need for deeper collaboration between regulators and operators to ensure that reforms translate into tangible growth for the sector. He added that the trust gap in insurance can only be bridged by consistent claims settlement, innovation, and transparent communication with policyholders.
The conference also featured goodwill messages from leaders of allied industry associations, including the Chartered Insurance Institute of Nigeria (CIIN), whose President, Mrs. Yetunde Ilori, congratulated NAIPE for sustaining a platform that has for 10 years bridged the gap between the industry and the public through effective media advocacy.
With panelists reflecting on past achievements and projecting into the future, the consensus at the conference was clear: the insurance and pension sectors must harness reforms, technology, and financial literacy initiatives to boost penetration, strengthen social safety nets, and play a greater role in Nigeria’s economic growth.
As NAIPE celebrates a decade of impact, the association reaffirmed its commitment to serving as a credible bridge between industry stakeholders and the Nigerian public through responsible journalism and sustained engagement.
At its 10th Anniversary Conference in Lekki, Lagos, NAIPE gathered insurance and pension leaders to discuss reforms, financial inclusion, and the future of Nigeria’s risk management and retirement security sectors.
@2025 The Ameh News: All Rights Reserved
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
