Maritime, Petroleum Sectors Set to Benefit as NAICOM, OPSN Launch NIIRA 2025 Insurance

Dr. Alban Igwe and Mr. Olusegun Ayo Omosehin; Commissioner For Insurance, National Insurance Commission.

The Organized Private Sector of Nigeria (OPSN) has taken a proactive step to strengthen insurance coverage in key economic sectors, engaging the National Insurance Commission (NAICOM) on the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the deployment of sector-specific insurance products.
The high-level meeting, held at NAICOM headquarters in Abuja, included OPSN representatives, delegates from federal ministries, and industry stakeholders. It aimed to chart a collaborative approach for operationalizing insurance products tailored to the maritime and petroleum industries.
Leading the OPSN delegation, Dr. Alban Igwe, Chairman of the OPS Insurance-Tech Committee, said the engagement follows months of stakeholder consultations involving freight forwarders, transport associations, petroleum retailers, and underwriters. “Our focus is to work with NAICOM to ensure that NIIRA 2025 provisions are implemented effectively, addressing long-standing gaps in compensation and risk transfer within these sectors,” Dr. Igwe said.
The initiative is a multi-stakeholder, private-sector-led effort, mandated by the Federal Ministries of Petroleum and Blue Economy to coordinate industry input and propose practical solutions under NIIRA 2025. Key participating umbrella organizations include the Nigerian Chamber of Commerce, Manufacturers Association of Nigeria, National Association of Small Scale Industries, and trade associations in transport and petroleum distribution.
Two priority insurance tracks were highlighted:
Maritime Sector Products – To mitigate container and cargo-related losses and ensure faster compensation for affected parties.
Petroleum Sector Products – To provide public liability and commission liability coverage for retail distribution and transit risks, with consideration for tight retail margins and structured pricing templates.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, welcomed the initiative, emphasizing NAICOM’s commitment to working with stakeholders in implementing NIIRA 2025. He noted that the Commission is responsible for issuing frameworks, guidelines, and premium determinations for compulsory insurance products under the law.
“Consumer protection remains paramount,” the Commissioner stressed. “All proposals must be fair, justified, and aligned with regulatory standards.”
The meeting concluded with the establishment of a technical working group to review the proposals in detail and develop implementation modalities, marking a significant step toward enhanced insurance coverage and risk management in Nigeria’s maritime and petroleum sectors.
OPSN Collaborates with NAICOM to Launch NIIRA 2025 Insurance Products for the Maritime and Petroleum Sectors
The Organized Private Sector of Nigeria engages NAICOM to implement NIIRA 2025, introducing targeted insurance products for maritime and petroleum sectors to address compensation and risk gaps.