Omosehin seeks stronger insurance broker role in national development
L–R: Mrs. Ekeoma Ezeibe, FCIB, President of the Nigerian Council of Registered Insurance Brokers (NCRIB); Mr. Olusegun Ayo Omosehin, Commissioner for Insurance; Alhaji Mohammed Kari, Waziri of Bauchi and former Commissioner for Insurance; Mrs. Ebelechukwu Nwachukwu, Chairman of the Nigerian Insurers Association (NIA); and Mr. Akinjide Orimolade, President of the Chartered Insurance Institute of Nigeria (CIIN).
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The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, has urged insurance brokers to play a leading role in financing infrastructure projects and advancing Nigeria’s national development agenda.
Omosehin made the call at the opening of the 2026 National Insurance Brokers Conference and Exhibition, held at the Shehu Musa Yar’Adua Centre, Abuja, on Wednesday, October 21, 2026.
The conference, with the theme, “Insurance: Infrastructure Financing and National Development Agenda,” brought attention to the need for long-term domestic capital formation and effective risk management as Nigeria pursues sustainable economic renewal and a multi-trillion-dollar economy.
The commissioner commended the Governing Board and members of the Nigerian Council of Registered Insurance Brokers (NCRIB) for organising the conference, describing its theme as timely and relevant to the country’s development aspirations.
He highlighted the critical role of insurance brokers as risk advisers, intermediaries and advocates for policyholders, noting that they generate a significant portion of the insurance market’s total premium volume.
According to him, brokers contribute to market expansion by connecting policyholders with insurance companies, simplifying complex risks and building public confidence across corporate, public and retail sectors.
He added that brokers possess the technical expertise needed to structure risk mitigation and transfer solutions for major infrastructure projects in transportation, energy, real estate and industrialisation.
Omosehin also stressed the importance of professionalism and consumer protection, noting that advisory services, risk auditing and prompt claims negotiation help policyholders obtain maximum value and protection.
Addressing the implications of the Nigerian Insurance Industry Reform Act (NIIRA), he described the legislation as a major modernisation of the industry’s legal and regulatory framework, designed to strengthen balance sheets, promote sound market conduct, protect consumers and accelerate insurance penetration.
He warned that the Act introduces stricter market conduct requirements and higher licensing standards, adding that unlicensed activities, ethical breaches and non-remittance of premiums would attract far-reaching consequences.
The commissioner said NAICOM would strictly enforce the rules to protect consumer confidence.
He also encouraged brokers to embrace digital transformation and InsurTech solutions, noting that the Act recognises digital, electronic and web-based insurance channels.
On infrastructure financing, Omosehin said the insurance industry must contribute through pool funds, infrastructure bonds and tailored risk guarantees to help address Nigeria’s infrastructure deficits.
He urged brokers to build strategic partnerships across the banking, energy, manufacturing and public infrastructure sectors to support capital formation and national development.
Omosehin reaffirmed NAICOM’s commitment to creating an enabling environment for product innovation, capital growth and market expansion.
He urged delegates to develop practical recommendations to strengthen the brokerage profession, advance the implementation of NIIRA 2025 and position insurance as a more effective instrument for infrastructure financing.
He subsequently declared the 2026 National Insurance Brokers Conference and Exhibition open.
