The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has unveiled a comprehensive reform roadmap under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, aimed at repositioning the insurance sector as a major contributor to Nigeria’s economic growth and social protection.
Delivering his opening address at the 2025 Insurance Directors’ Conference held at the Marriott Hotel, Ikeja, Lagos, Omosehin described the new Act as a “turning point” in Nigeria’s insurance evolution, one designed to modernize regulation, rebuild public trust, and strengthen capital adequacy across the sector.
The annual conference, themed “Navigating the New Insurance Landscape,” brought together top policymakers, boardroom executives, regulators, and financial leaders to discuss corporate governance, recapitalization, and innovation in the industry.
NIIRA 2025: A Blueprint for Reform, Rebuild, and Recapitalization
Omosehin outlined three core pillars driving NIIRA 2025 “Reform, Rebuild, and Recapitalize” noting that the Act provides a roadmap for a modern, transparent, and resilient insurance ecosystem.
“NIIRA 2025 is not just a regulatory framework; it is a catalyst for innovation and competitiveness,” Omosehin stated. “Our goal is to turn compliance into opportunity, regulation into innovation, and supervision into partnership.”
He emphasized that NAICOM’s renewed strategy aligns with President Bola Ahmed Tinubu’s bold vision of transforming Nigeria into a $1 trillion economy by 2030, with insurance positioned as a key enabler of that goal.
Digital Transformation and Market Conduct Reforms
The NAICOM chief detailed several ongoing initiatives to strengthen supervision and transparency across the market. These include:
- A Centralized Insurance Database: Designed to enhance real-time policy verification, particularly for compulsory classes of insurance.
- Consumer Protection and Market Conduct: NAICOM is improving complaint resolution systems, enforcing prompt claims payment, and imposing stricter sanctions for infractions.
- Capitalization and Solvency Strengthening: The Commission is reviewing minimum capital requirements to boost financial resilience.
- Data Protection & Cybersecurity: NAICOM is working with the Nigerian Data Protection Commission (NDPC) to develop tailored data protection standards for insurers.
- Compulsory Insurance Enforcement: Collaboration with the FRSC, Nigeria Police Force, and state governments to ensure nationwide compliance with mandatory insurance classes.
- Insurance Inclusion & Innovation: Encouraging partnerships with Insurtech startups to make insurance more affordable, accessible, and technology-driven.
“We are creating a regulatory environment where innovation can thrive, and policyholders can trust the system,” Omosehin said.
Directors’ Role in the Reform Agenda
Omosehin reminded company directors of their critical role in implementing the NIIRA 2025 reforms.
“Boards must go beyond financial oversight to champion innovation, ethics, and governance excellence,” he said. “Good governance is not just a regulatory requirement, it is a moral duty.”
He urged directors to lead with courage and foresight, stressing that integrity and transparency must remain central to every board decision.
Recapitalization Exercise: Progress and Deadlines
The NAICOM boss confirmed that the Commission has commenced the recapitalization exercise for all insurance and reinsurance firms following President Tinubu’s assent to NIIRA 2025 on July 31, 2025.
Companies were mandated to submit recapitalization plans by September 30, 2025, outlining strategies such as mergers, acquisitions, or capital injections.
“We have completed the review of all submissions and will soon begin official communication to each company,” Omosehin disclosed. “The deadline for full compliance remains July 31, 2026, and NAICOM is committed to providing guidance and maintaining open communication throughout the process.”
Restoring Public Trust and Confidence
Omosehin emphasized that trust is the lifeblood of the insurance industry.
“We must deliver on our promises, pay legitimate claims promptly, and maintain fairness in every transaction,” he said. “Without trust, sustainable growth and progress are impossible.”
He noted that under NIIRA 2025, NAICOM aims to rebuild consumer confidence, strengthen ethical conduct, and foster a transparent marketplace that promotes long-term stability.
Insurance as a National Catalyst
The NAICOM chief stressed that the insurance sector has a vital role to play in financing infrastructure, strengthening climate resilience, and mobilizing long-term capital to support national development.
“Our ambition goes beyond regulation,” Omosehin said. “We envision an insurance sector that drives Nigeria’s development and safeguards its economic future.”
“The Best Time Is Now”
Concluding his remarks, Omosehin called for unity of purpose among all industry stakeholders.
“NIIRA 2025 is a transformative journey that demands discipline, innovation, and collaboration,” he declared. “The right time to plant a tree was twenty years ago. The next best time is now.”
He expressed appreciation to the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, CFA, for her continued leadership and support in advancing Nigeria’s financial sector reforms.
NAICOM Commissioner, Mr. Olusegun Ayo Omosehin, unveils NIIRA 2025 reform agenda at the Insurance Directors’ Conference in Lagos, outlining new policies on recapitalization, governance, and innovation to rebuild trust and position insurance as a driver of Nigeria’s $1 trillion economy.
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