The National Insurance Commission (NAICOM) has intensified efforts to reform Nigeria’s insurance industry with the launch of an Implementation Strategy for the National Insurance Industry Reform Agenda (NIIRA) 2025.
At a high-level strategy meeting held in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, inaugurated three core working groups tasked with steering the coordinated rollout of NIIRA’s objectives across the insurance value chain.
The NIIRA 2025, which was signed into law earlier this year, provides a comprehensive roadmap for overhauling the sector through regulatory reform, financial inclusion, digital transformation, and stricter enforcement of compulsory insurance schemes.
According to NAICOM, the initiative aims to align Nigeria’s insurance framework with global best practices, boost public confidence, and enhance economic resilience through broader risk protection coverage.
Speaking at the event, Mr. Omosehin reaffirmed the Commission’s commitment to ensuring that the implementation process remains inclusive, data-driven, and result-oriented.
“This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry,” Omosehin said. “The NIIRA 2025 is not just a regulatory document—it is a blueprint for building an insurance sector that protects lives, businesses, and investments across Nigeria.”
He explained that the newly inaugurated working groups would act as drivers of reform, ensuring that policy goals translate into measurable results.
Among them is the Compulsory Insurance Working Group, chaired by Mr. Shola Tinubu, which will focus on strengthening the enforcement and adoption of mandatory insurance schemes nationwide. These include Motor (Third Party), Builders’ Liability, Group Life, Professional Indemnity, and Public Buildings Insurance.
Omosehin noted that effective enforcement of these schemes will not only expand insurance penetration but also improve compliance across the country, helping to safeguard lives, property, and businesses.
The Commissioner concluded that through NIIRA’s structured implementation, NAICOM aims to reposition the insurance sector as a key pillar of national economic growth and financial stability.
