Convened by Odion Aleobua, CEO of Modion Communications, IMT 2025 maintained its signature two-track format: IMT 4.0, which focused on executive-level issues such as trust, growth, and digital transformation, and IMT Redefined 2.0, which gave voice to young professionals, freelancers, coders, and hustlers, ‘the New Trybe’, on how insurance can be designed to fit their realities.
NIIRA Act 2025: A Game-Changer for the Industry
The conference was dominated by conversations around the newly signed Nigeria Insurance Industry Reform Act (NIIRA) 2025, which panelists described as a landmark reform. The Act, which repeals outdated insurance laws, embeds consumer protection, technological adoption, and stricter compliance into the framework of Nigeria’s insurance sector.
Representing Olusegun Ayo Omosehin, Commissioner for Insurance and CEO of NAICOM, Ekerete Ola Gam-Ikon, Deputy Commissioner for Insurance (Finance & Administration), hailed the Act as “a warm piece of legislation that provides the blueprint to reset the industry.”
He emphasized that NIIRA would not overburden operators but instead rebuild public trust by ensuring timely claims settlement and operational efficiency. He highlighted that insurers collectively paid out over ₦600 billion in claims in 2024, yet the industry has struggled to publicize its impact. “This Act bridges the gap between what family and friends traditionally provide and what insurance should guarantee. Nigerians can now be confident that when something goes wrong, insurance will deliver,” he explained.
Industry Leaders React
Other panelists shared their perspectives on NIIRA 2025:
- Mrs. Yetunde Olubunmi Ilori, President of the Chartered Insurance Institute of Nigeria (CIIN), described the Act as “a catalyst for capacity building and professionalism,” noting that it would strengthen consumer trust while raising industry standards.
- Prince Babatunde Oguntade, President of Rehoboth Group, highlighted NIIRA’s provisions on compulsory insurance, stressing that enforcement will be supported by digital platforms and collaboration with state agencies.
- Kunle Ahmed, Chairman of the Nigerian Insurers Association (NIA), emphasized that brokers remain central to the ecosystem. “Brokers will evolve into digitally empowered advisers who offer customized, transparent services. The Act safeguards their relevance while ensuring consumer adoption of compulsory insurance,” he said.
Aligning Insurance with the New Trybe
A recurring theme at IMT 2025 was how to align insurance products with the needs of Nigeria’s youthful population. Discussions ranged from pay-as-you-drive motor insurance to non-claims discounts and data-driven pricing models that reward responsible behaviour.
Panelists stressed that technology would allow insurers to offer more flexible and affordable coverage, shifting consumer perception from compulsion to adoption.
Looking Ahead
For IMT, now in its fourth edition, the 2025 gathering was more than just a conference, it was a reflection of an industry entering a new era under NIIRA. With innovation, trust, and consumer focus at the center of reform, Nigeria’s insurance sector is better positioned to engage its youthful population and support economic growth.
For convener Odion Aleobua, IMT 2025 not only consolidated the platform’s reputation as a thought-leadership hub but also provided a roadmap for how insurance can remain relevant to Nigeria’s New Trybe.
Insurance Meets Tech 2025 spotlighted the landmark NIIRA Act 2025, redefining Nigeria’s insurance sector through innovation, consumer protection, and digital transformation. Industry leaders say the Act will rebuild trust, drive growth, and align insurance with the lifestyle of Nigeria’s youthful population.
@2025 The Ameh News: All Rights Reserved
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