Organised Private Sector of Nigeria Meets National Insurance Commission Over Nigerian Insurance Industry Reform Act Rollout
The Organised Private Sector of Nigeria (OPSN) has stepped up efforts to accelerate the implementation of the Nigerian Insurance Industry Reform Act (NIIRA 2025), engaging the National Insurance Commission (NAICOM) in high-level regulatory talks on sector-specific insurance products.
The OPSN delegation, which included representatives from key federal ministries, visited NAICOM to discuss coordinated execution of the Act’s provisions, particularly the deployment of tailored insurance products for the maritime and petroleum sectors.
Months of Stakeholder Consultations
Leading the delegation, Dr. Alban Igwe, Chairman of the OPS Insurance-Tech Committee, disclosed that the engagement followed months of consultations with stakeholders across both sectors. These included freight forwarders, transport associations, retailers and insurance underwriters.
According to Igwe, the visit was aimed at holding regulatory discussions on the operationalisation of new insurance products designed to close longstanding gaps in compensation and risk transfer mechanisms.
“We are here to discuss implementation provisions of the law and ensure effective deployment of insurance solutions that address persistent challenges in these sectors,” he said.
Multi-Stakeholder Mandate
Igwe noted that the initiative is a private sector-led effort mandated by the Federal Ministries of Petroleum and Blue Economy to coordinate stakeholders and propose a clear framework for implementing insurance provisions under NIIRA 2025.
Among umbrella organisations participating in the initiative are the Nigerian Chamber of Commerce, the Manufacturers Association of Nigeria, the National Association of Small Scale Industries, as well as trade associations within the transport and petroleum distribution value chains.
Focus on Maritime and Petroleum Risks
OPSN identified two priority tracks under the reform push:
- Maritime Insurance Products: Designed to mitigate container and cargo-related losses while ensuring faster compensation for affected businesses and operators.
- Petroleum Sector Insurance Products: Structured to provide public liability and commission liability coverage for retail distribution and transit risks, with attention to tight retail margins and the need for sustainable pricing templates.
Industry observers say the collaboration signals a strategic alignment between regulators and private sector players to strengthen insurance penetration and improve risk management across critical sectors of the economy.
The outcome of the engagement is expected to shape the pace and effectiveness of NIIRA 2025’s implementation in the months ahead.
