Insurers’ Committee highlights NIIRA implementation, new market opportunities
Nike Popoola
The Insurers’ Committee has highlighted key regulatory updates and emerging market opportunities aimed at strengthening Nigeria’s insurance industry, following its meeting held on Thursday at the Nigerian Insurers Association (NIA) House in Lagos.
Speaking at a press conference after the meeting, the Chairman of the Communications and Stakeholders Engagement Sub-Committee of the Insurers’ Committee, Ebelechukwu Nwachukwu, presented major deliberations from the session, which was presided over by the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Segun Omosehin.
Nwachukwu disclosed that the Commissioner had inaugurated implementation working groups for the Nigerian Insurance Industry Reform Act (NIIRA) 2025, with the groups mandated to drive the operational rollout of the reform law.
According to her, the working groups have already presented their first report to the committee through Dr. Yeside Oyetayo.
She also noted that Omosehin commended the strong participation of chief executive officers at the recent insurance conference, where critical discussions around the NIIRA took centre stage.
Among the issues highlighted during the meeting was the proposed Joint Actuarial Development Fund, which the Commissioner urged industry stakeholders to commence work on in order to strengthen actuarial capacity within the sector.
He also referenced the ongoing review of draft guidelines for the Policyholders’ Protection Fund for the International Private Medical Insurance (IPMI) segment, encouraging insurance underwriters to see the initiative as a major opportunity, particularly in the health insurance space.
Nwachukwu further revealed that NAICOM has set April 30, 2026 as the deadline for full implementation of Know Your Customer (KYC) requirements across the industry to ensure accurate and comprehensive customer records.
Beyond regulatory matters, the Commissioner emphasised several market opportunities capable of expanding insurance penetration in Nigeria. One of such opportunities is a newly signed agreement between NAICOM and the Bureau of Public Procurement (BPP), which will make insurance bonds mandatory for government contract tenders.
Under the arrangement, contractors bidding for government projects will be required to present bid and performance bonds issued by qualified insurers, with solvency and other regulatory criteria determining eligible underwriters.
Omosehin noted that the initiative would generate additional premium income for insurers while creating auxiliary businesses such as contractors’ all-risk policies linked to public projects.
Other opportunities identified include expansion in protection-based health insurance, insurance coverage for petroleum and gas stations, and stronger bancassurance partnerships with banks.
On recapitalisation, the Commissioner urged underwriters to accelerate their efforts, noting that while 20 companies have applied for verification and 16 processes have begun, the industry must demonstrate greater urgency as regulatory timelines approach.
He also encouraged motor underwriters to participate actively in the forthcoming ECOWAS Brown Card Scheme conference aimed at strengthening cross-border motor insurance within West Africa.
