Top financial experts, policymakers, and insurance executives gathered in Lagos for the first-ever Insurance Sector Consultative Forum, a high-level meeting aimed at reviving Nigeria’s struggling insurance industry.
The event, sponsored by Rex Insurance Limited, attracted more than 100 senior stakeholders, including regulators, lawmakers, and industry operators. Their main goal was to develop a unified strategy to transform the sector, which currently records less than one percent insurance penetration relative to GDP.
Push for Collective Reform
Participants stressed that improving the insurance industry can no longer be left to a single organisation. Instead, they said the transformation of the sector must become a shared national responsibility involving government, regulators, and private operators.
The forum served as a strategic platform for aligning industry players on the reforms and actions required to unlock the sector’s growth potential.
Focus on New Insurance Reform Law
A key highlight of the gathering was an extensive discussion on the recently passed Insurance Industry Reform Act. Stakeholders examined regulatory barriers and long-standing collaboration gaps that have historically slowed the sector’s development.
Discussions produced a consensus-driven advocacy roadmap, designed to guide future policy implementation and strengthen the industry’s regulatory framework.
Among the prominent figures present were Tokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions; Aigboje Aig-Imoukhuede, Chairman of Coronation Group and Access Holdings; and Olusegun Ayo Omosehin, Commissioner for Insurance at the National Insurance Commission.
Senator Abiru noted that passing the reform legislation was only the first step.
“We just passed the Nigeria Insurance Industry Reform Act. The purpose of this gathering is not only about having the law in place but about beginning the implementation process,” he said, stressing that success will require full cooperation from all stakeholders.
Building Stronger Industry–Government Partnerships
The forum also helped strengthen engagement between insurers and policymakers, allowing both sides to identify key drivers of growth and emerging risks the industry must address.
Speaking on the importance of the initiative, the Managing Director and CEO of Rex Insurance Limited, Ebelechukwu Nwachukwu, said the event marked a major step toward reshaping the industry.
According to her, the platform encouraged meaningful dialogue among stakeholders and created a shared vision for the future of insurance in Nigeria.
She added that the discussions also laid the foundation for practical reforms that could shape the sector for years to come.
Toward a Modern Insurance Market
As the industry prepares to embrace modern risk management and digital transformation, Rex Insurance reaffirmed its commitment to supporting initiatives that will strengthen the sector and improve value for customers.
Participants concluded the forum with a joint commitment to pursue industry-wide reforms, signalling a shift toward a more transparent, innovative, and consumer-focused insurance market in Nigeria.
