NAICOM boss unveils insurance reform agenda at Daily Economy anniversary

 

The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Olusegun Ayo Omosehin, has outlined a sweeping reform agenda for Nigeria’s insurance sector, declaring that the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 will redefine the industry’s future.

Omosehin spoke in Lagos yesterday as keynote speaker at the second anniversary of Daily Economy and the launch of a new book titled “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons,” authored by Nike Popoola.

Describing the publication as a “strategic documentation of transformation, leadership and resilience,” the NAICOM boss said the past two decades have marked a defining period in the evolution of Nigeria’s insurance industry.

He noted that prior to 2005, the industry was plagued by low capitalisation, weak public confidence and limited product innovation. However, reforms, particularly the 2005–2007 recapitalisation exercise helped stabilise the sector and lay the foundation for growth.

“The industry began a steady journey from fragility to resilience,” Omosehin said, adding that subsequent policy reforms and institutional developments have improved financial inclusion and expanded insurance access.

Despite the progress, he stressed that the sector must continue to evolve in response to emerging risks, technological shifts and changing consumer expectations.

Central to his address was the significance of NIIRA 2025, which he described as “a bold and forward-looking transformation” of the industry’s legal and regulatory framework.

According to him, the Act strengthens NAICOM’s regulatory powers, enhances consumer protection, enforces compulsory insurance, promotes digital innovation and improves corporate governance standards.

“It is not just a reform; it is a comprehensive redefinition of how the industry operates, competes and delivers value,” he said.

Omosehin added that the law would boost investor confidence, ensure prompt claims settlement and position the sector for greater contribution to national economic development.

In her remarks, Popoola said the book was inspired by nearly two decades of reporting on the insurance sector, documenting its transition from a fragile system to a more structured and innovative industry.

She noted that the publication captures key milestones, including recapitalisation, regulatory reforms, the introduction of microinsurance guidelines and the emergence of insurtech solutions.

“The book is not only a historical record but also a resource for the future,” she said, adding that it provides insights for professionals, policymakers and researchers.

Beyond policy developments, she said the work also celebrates the individuals who shaped the industry’s progress.

“These icons navigated challenges, drove innovation and inspired confidence in an industry that had long struggled with public trust,” Popoola added.