NAICOM Commissioner’s Speech at Daily Economy 2nd Anniversary and Insurance Book Launch

Keynote address by Mr. Olusegun Ayo Omosehin, Commissioner for Insurance / CEO, National Insurance Commission (NAICOM), at the Daily Economy’s Second Anniversary and launch of its insurance book titled “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons”, on March 31, 2026 at Lagos Oriental Hotel, in Lagos.

Distinguished guests,
Esteemed leaders of the insurance and financial services industry,
Captains of enterprise,
Members of the media,
Ladies and gentlemen,

It is with great pleasure that I stand before you today as the Chief Keynote Speaker and Presenter at the launch of this landmark publication, “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons.”

Let me begin by congratulating Daily Economy on the celebration of its second anniversary. Within such a short period, the organisation has demonstrated remarkable commitment to promoting informed discourse, advancing financial journalism, and contributing meaningfully to national development.

I also extend my warmest commendation to the author, Nike Popoola, whose dedication, consistency, and depth of coverage of the insurance industry have culminated in this exceptional body of work. This book is not merely a chronicle of events; it is a strategic documentation of transformation, leadership, resilience, and institutional evolution.

A Defining 20-Year Journey
The period between 2005 and 2025 represents one of the most transformative eras in the history of Nigeria’s insurance industry.
Before this period, the industry faced significant structural challenges, low capitalisation, weak public confidence, limited product innovation, and very low penetration levels. However, through deliberate reforms, strategic regulatory interventions, and the contributions of visionary leaders, the industry began a steady journey from fragility to resilience.

The recapitalisation exercise of 2005–2007 marked a critical turning point. It strengthened the financial base of operators and laid the foundation for a more stable and credible insurance sector.
Subsequent milestones including policy reforms, innovation, and institutional developments have played a vital role in expanding access, improving financial inclusion, and enhancing the overall relevance of insurance in Nigeria.

Regulation as a Catalyst for Growth
As a regulator, the National Insurance Commission has remained focused on creating an enabling environment that balances innovation with stability.
We have strengthened supervisory frameworks and introduced policies aimed at protecting policyholders while ensuring the sustainability of operators. Our transition towards risk-based supervision reflects our commitment to aligning with global best practices.
We recognise that the insurance industry plays a critical role in economic development, mobilising long-term funds, supporting infrastructure, protecting assets, and providing financial security for individuals and businesses.
However, to fully realise this potential, the industry must continue to evolve in response to emerging risks, technological advancements, and changing customer expectations.

NIIRA 2025: A New Era for the Nigerian Insurance Industry
Ladies and gentlemen, one of the most significant milestones in the history of our industry, indeed, a central theme captured in this book, is the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

NIIRA 2025 represents a bold and forward-looking transformation of the legal and regulatory framework governing insurance in Nigeria. It is not just a reform; it is a comprehensive redefinition of how the industry operates, competes, and delivers value.
For many years, the industry operated under legacy laws that, while foundational, had become insufficient in addressing the complexities of a modern and rapidly evolving financial ecosystem. NIIRA 2025 was therefore designed to close these gaps and position Nigeria’s insurance sector for greater efficiency, resilience, and global relevance.

Key Pillars of NIIRA 2025
Allow me to highlight some of the key pillars of this landmark reform:
1. Strengthened Regulatory Powers
NIIRA 2025 significantly enhances the authority of NAICOM to enforce compliance, supervise operators more effectively, and take decisive regulatory actions where necessary. This ensures a more disciplined, transparent, and accountable industry.
2. Enhanced Consumer Protection
At the heart of the reform is the protection of policyholders. The Act introduces stronger mechanisms to ensure prompt claims settlement, fair treatment of customers, and improved dispute resolution frameworks.
3. Enforcement of Compulsory Insurance
One of the longstanding challenges in Nigeria has been weak enforcement of compulsory insurance policies. NIIRA 2025 provides stronger legal backing to drive compliance, ensuring that insurance fulfils its social protection role.
4. Promotion of Innovation and Digital Transformation
The Act recognises the growing importance of technology in insurance delivery. It creates room for innovation, including insurtech operations, digital distribution channels, and new product development.
5. Improved Corporate Governance and Market Conduct
NIIRA 2025 reinforces governance standards across the industry, ensuring that operators adhere to best practices in transparency, accountability, and ethical conduct.
6. Capital Adequacy and Financial Stability
The reform introduces provisions that strengthen the financial resilience of insurance companies, ensuring they are better positioned to meet obligations and withstand economic shocks.

Implications for the Industry
The implications of NIIRA 2025 are far-reaching.
For operators, it demands a higher level of professionalism, stronger risk management practices, and a deeper commitment to innovation.
For regulators, it provides the tools required to ensure a more efficient and effective supervisory environment.
For policyholders, it offers renewed confidence that their interests are adequately protected.
And for the Nigerian economy, it positions the insurance sector as a more significant contributor to economic growth and national development.

A Call to Action
However, legislation alone is not enough.
The success of NIIRA 2025 will depend on the collective commitment of all stakeholders, regulators, operators, intermediaries, policymakers, and the media.
We must embrace this reform not as a regulatory burden, but as an opportunity to transform the industry into a more vibrant, inclusive, and globally competitive sector.

Honouring the Icons of the Industry
This publication also performs an important function by recognising the individuals whose contributions have shaped the industry.
These insurance icons, regulators, executives, innovators, and professionals, have played critical roles in navigating challenges, driving reforms, and building the foundation upon which we stand today.
Their stories serve as a source of inspiration for the next generation of industry leaders.

Looking Ahead: The Future of Insurance in Nigeria
As we look to the future, several priorities must guide our actions:
Deepening insurance penetration across all segments of society
Leveraging technology to enhance accessibility and efficiency
Strengthening public trust through transparency and prompt claims settlement
Expanding insurance’s role in supporting national development
The future of insurance in Nigeria is bright, but it requires deliberate effort, collaboration, and sustained commitment.

Conclusion
Ladies and gentlemen, this book is timely, insightful, and highly relevant. It captures the journey of an industry that has evolved through challenges, embraced reform, and continues to strive for greater impact.
I commend Daily Economy and the author for this invaluable contribution to knowledge, policy, and industry development.

It is therefore my distinct honour to formally present and launch the book:
“Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons.”

Thank you for your attention.
God bless you all, and God bless the Federal Republic of Nigeria.
Olusegun Ayo Omosehin
Commissioner for Insurance / CEO, NAICOM