The National Insurance Commission (NAICOM) has called on operators in Nigeria’s insurance sector to adopt data-driven strategies, innovative business models, and stronger partnerships to ensure the industry’s long-term sustainability.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, made the appeal on Thursday at the 2025 Insurance Professionals Forum of the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State.
Speaking on the forum’s theme, “Nurturing the Insurance Industry for Sustainable Growth,” Omosehin said the sector must leverage data insights to identify opportunities, improve resilience, and remain competitive. He stressed the importance of embracing new business models and forging alliances to drive efficiency, knowledge-sharing, and collective problem-solving.
“I urge every professional here to embrace change leadership, excellence, and trust-building,” he said. “Together, we can build an insurance industry that is not only financially sustainable but also socially responsible—supporting economic development and meeting the needs of our people.”
Omosehin noted that targeted initiatives to deepen market penetration and strengthen regulatory frameworks would be critical to promoting stability, accountability, and innovation. He reaffirmed NAICOM’s commitment to creating an enabling environment that fosters growth and inclusivity.
On the recently signed Nigerian Insurance Industry Reform Act (NIIRA 2025), Omosehin described its passage as a “long walk to freedom” for the sector. He said the legislation marked a new era for insurance in Nigeria, offering a chance to address long-standing challenges and reposition the industry.
“The success of these reforms will depend on the collective commitment of operators to implementation, compliance, and continuous improvement,” he added.
Also speaking, Governor Dapo Abiodun of Ogun State urged operators to uphold integrity and transparency in their dealings to counter the industry’s negative public perception. Represented by the Secretary to the State Government, Mr. Tokunbo Talabi, the governor commended the NIIRA Act’s provision for a customer retention fund, describing it as a mark of integrity.
Earlier, CIIN President Mrs. Yetunde Ilori expressed optimism that the NIIRA Act would unlock the industry’s growth potential. She encouraged operators to seize the forum’s opportunity to unite, uphold ethical standards, and collaborate on seamless implementation of the reforms.
Ilori further suggested that insurers and NAICOM document their roles in the passage of NIIRA 2025 for posterity.
