L-R: Pastor Ikechukwu Udobi, President, ILAN; Mrs. Ekeoma Ezeibe, President, NCRIB; Dr. Usman Jankara, Deputy Commissioner Technical, NAICOM; Mr. Bonaventure Okhaimo, MD/CEO, NCGG; Mr. Olusegun Ayo Omosehin, Commissioner for Insurance, NAICOM; Mrs. Ebelechukwu Nwachukwu, Deputy Chairman, NIA; and Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner Finance and Administration, NAICOM.
The 21st Insurers Committee Meeting was convened on Thursday, May 21, 2026, in Lagos, marking another strategic step in Nigeria’s ongoing efforts to deepen insurance sector reforms, strengthen cross-sector collaboration, and accelerate financial system resilience through innovation-driven policy coordination.
The high-level meeting brought together the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, alongside chief executives of insurance companies, representatives of banking institutions, fintech operators, and other stakeholders across the broader financial services ecosystem.
Held amid growing pressure to expand insurance penetration and restore public confidence in the sector, the meeting served as a critical platform for aligning regulatory priorities with industry innovation and national economic development objectives.
Deepening Financial Sector Synergy for Risk Management
A central theme of the discussions was the urgent need to strengthen cross-sector collaboration as a pathway to improving risk-sharing mechanisms and enhancing the stability of Nigeria’s insurance ecosystem.
Participants stressed that the increasing complexity of financial risks—driven by digital transformation, climate exposure, and macroeconomic volatility—requires more coordinated responses between insurers, banks, fintechs, and regulators.
Stakeholders agreed that improved integration across these sectors would not only optimise the insurance value chain but also unlock new distribution channels, strengthen underwriting capacity, and expand access to underserved markets.
NAICOM Reaffirms Reform-Driven Regulatory Direction
In his opening remarks, Mr Omosehin reaffirmed NAICOM’s commitment to building a policyholder-centric insurance industry anchored on trust, innovation, and regulatory efficiency.
He emphasised that sustainable progress in the sector depends on deeper institutional collaboration and the adoption of forward-looking regulatory frameworks capable of responding to emerging risks and technological disruption.
According to him, the Commission remains committed to ensuring that regulatory reforms continue to support market stability while enabling innovation and improving consumer outcomes.
Technology, Trust, and Inclusion at the Core of Reform Agenda
Deliberations at the meeting highlighted the growing importance of technology in reshaping insurance operations, particularly in underwriting, claims processing, customer engagement, and product distribution.
Industry leaders noted that digital platforms and fintech partnerships present significant opportunities to improve efficiency and expand insurance penetration, especially among informal and previously underserved segments of the population.
However, participants also acknowledged that public trust remains a critical challenge, with many Nigerians still hesitant to engage with insurance products due to historical perceptions of slow claims processing and low transparency.
The Committee therefore emphasised the need for stronger consumer protection mechanisms, improved claims responsiveness, and greater transparency across the value chain to rebuild confidence in the sector.
Call for Coordinated Action to Address Structural Gaps
The meeting further identified key structural constraints limiting the growth of Nigeria’s insurance industry, including low awareness levels, distribution inefficiencies, and limited product innovation.
Stakeholders called for coordinated and deliberate action across the ecosystem to address these challenges through policy alignment, industry partnerships, and regulatory support for innovation.
There was consensus that improving insurance literacy and leveraging digital ecosystems would be critical to expanding coverage and driving long-term sectoral growth.
NAICOM’s Performance and Reform Recognition
The Committee also reviewed progress in regulatory performance and institutional reforms, noting NAICOM’s strong standing in national reform assessments.
The Commission is currently ranked first in the Business Finance & Risk Optimisation Cluster and ninth overall on the PEBEC Reform Tracker, reflecting continued improvements in regulatory efficiency, ease of doing business reforms, and institutional effectiveness within the insurance sector.
Outlook: Toward a More Resilient Insurance Ecosystem
The meeting concluded with a renewed commitment from stakeholders to accelerate reforms aimed at repositioning Nigeria’s insurance industry as a more innovative, trusted, and integrated component of the national financial system.
Participants agreed that sustained collaboration between regulators and market operators will be essential to achieving deeper penetration, stronger risk management frameworks, and improved consumer outcomes in the years ahead.
Stakeholders at the 21st Insurers Committee Meeting in Lagos called for stronger risk-sharing, digital innovation, and financial sector collaboration to deepen insurance penetration and rebuild public trust in Nigeria’s insurance industry.
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