Senior policymakers, regulators, and industry leaders have called for sweeping reforms to accelerate growth and restore public confidence in Nigeria’s insurance sector.
The call was made during the Insurance Sector Transformation Consultative Forum 2026, held on March 5, where stakeholders gathered to discuss strategies for expanding insurance adoption and strengthening the industry’s role in national economic development.
The forum, themed “Driving Collective Advocacy for the Transformation of Nigeria’s Insurance Industry,” was convened by EnterpriseNGR in collaboration with the Nigerian Insurers Association and the Lagos Chamber of Commerce and Industry. The event also received support from leading industry stakeholders including Leadway Holdings, Custodian Investment Plc, and Olaniwun Ajayi LP.
The gathering featured contributions from key policymakers and industry figures, including Tokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions; Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission; Aigboje Aig-Imoukhuede, Chairman of EnterpriseNGR; Yetunde Ilori, President of the Chartered Insurance Institute of Nigeria; Bola Odukale, Director-General of the Nigerian Insurers Association; and Obi Ibekwe, Chief Executive Officer of EnterpriseNGR.
The forum comes at a pivotal time for the insurance industry. Despite recording steady growth, with gross written premiums reaching about ₦1.56 trillion in 2024, insurance penetration in Nigeria remains below one per cent, significantly lower than the global average.
Participants therefore emphasised the need for coordinated reforms, deeper industry collaboration, and innovative approaches to increase insurance adoption across the country.
Stakeholders identified several factors contributing to the sector’s low penetration, including limited public awareness, trust deficits arising from claims disputes, and inefficiencies in customer experience. They stressed the importance of greater transparency in claims processing, improved consumer education, and stronger service standards to rebuild public trust and expand coverage among retail customers, micro, small and medium enterprises, and corporate clients.
The discussions also highlighted the growing role of technology in transforming the insurance landscape. Participants examined how digital platforms, InsurTech innovation, and partnerships with fintech firms and telecommunications operators could help insurers reach underserved populations, improve underwriting accuracy, and speed up claims settlement while reducing operational costs.
In addition, stakeholders considered the regulatory and policy frameworks needed to support long-term growth, including effective implementation of the Nigeria Insurance Industry Reform Act, 2025, stronger coordination among financial regulators, and the adoption of modern risk-based supervisory frameworks that encourage innovation while safeguarding market stability and consumer protection.
The forum also stressed the importance of strengthening industry talent, particularly in areas such as actuarial science, digital capabilities, and advanced risk management. Participants called for closer collaboration between insurers, professional bodies, and academic institutions to develop a future-ready workforce and promote continuous professional development.
Beyond industry growth, stakeholders noted that a stronger insurance sector could mobilise long-term capital to support key national priorities such as infrastructure, agriculture, healthcare, energy, and the digital economy.
At the end of the forum, participants agreed on the need for sustained collaboration to accelerate reforms, improve service delivery, and strengthen confidence in the insurance market. The recommendations from the discussions will inform ongoing engagement with policymakers and regulators as well as the development of an industry roadmap aimed at expanding insurance penetration and positioning the sector as a key driver of Nigeria’s economic growth.
EnterpriseNGR is a private sector-led platform established to position Nigeria as Africa’s leading financial and professional services hub through policy advocacy, industry competitiveness, and collaboration across the financial services ecosystem.
