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By Henry Uche
To strengthen insurance sector’s overall performance, the Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has outlined a set of conditions for industry operators, intermediaries, policymakers and the media, signaling a firm regulatory push to accelerate progress toward the Nigerian Insurance Industry Reform Act (NIIRA) targets.
Delivering a keynote address 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’, the Commissioner told stakeholders that, as the industry looks to the future of insurance, several priorities must guide everyone’s action.
Three months into the recapitalisation deadline, NAICOM chief has called on the public to work closely to deepen insurance penetration across all segments of society, a major problem which has dragged the sector backward for decades.
Conscious of growing scrutiny from industry watchers, observers, and the media—who are expected to assess progress and hold leadership accountable one year after the passage of the Nigerian Insurance Industry Reform Act (NIIRA)—the Commissioner for Insurance, represented by the Director of Human Resources and Administration at NAICOM, Rasaaq Salami, urged operators to embrace technology as a key driver of accessibility and operational efficiency.
He also called on industry players to help rebuild public confidence by strengthening transparency and ensuring prompt claims settlement, a longstanding challenge that has historically weighed on the credibility and growth of the insurance sector.
Expressing optimism about the industry’s trajectory, the Commissioner noted that while the future of insurance in Nigeria remains bright, it will not materialise without deliberate action, collaboration, and sustained commitment from all stakeholders.
“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,” he said.
He stressed that legislation alone cannot transform the industry, adding that the success of NIIRA 2025 will ultimately depend on collective responsibility across the ecosystem.
“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,” he added.
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Commending a newly presented industry-focused publication, he described it as a valuable contribution to knowledge and policy development. “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. This book is not merely a chronicle of events; it is a strategic documentation of transformation, leadership, resilience, and institutional evolution,” he affirmed.
The Publisher of Daily Economy and author of the book, Nike Popoola, explained that the publication documents major reforms, recapitalisation efforts, regulatory restructuring, and consolidation processes that have shaped the insurance sector over the years.
“This book is not only a historical record but also a resource for the future. It provides insights for professionals, policymakers, scholars, students, and anyone seeking a deeper understanding of Nigeria’s insurance landscape. It captures the lessons learned, the successes achieved, and the challenges overcome,” she said.
Popoola added that the work reflects the industry’s commitment to improving financial literacy, preserving institutional memory, and strengthening knowledge within the insurance ecosystem.
“I dedicate this book to the insurance leaders and professionals whose vision, courage, and commitment have shaped the sector, and to the students, researchers, and policymakers who will draw inspiration from these lessons.
“It is my hope that this publication will not only preserve the history of our industry but also serve as a guide and reference for building a stronger, more inclusive, and impactful insurance sector in Nigeria,” she added.
The event attracted commendations from industry leaders and captains of business, who praised Popoola’s sustained efforts in documenting two decades of industry developments aimed at advancing insurance education and knowledge sharing.
Among those present were the Chairman of Prestige Insurance Brokers Limited, Prince (Dr.) Feyisayo Soyewo, who chaired the occasion; Special Guest of Honour, Dr. Corneille Karekezi, Group Managing Director/CEO of African Reinsurance Corporation; and the President of the Chartered Insurance Institute of Nigeria, Mrs. Yetunde Ilori.
Others included the President of the Nigerian Council of Registered Insurance Brokers, Ekeoma Ezeibe; Chairman of the Nigerian Insurers Association, Mr. Kunle Ahmed, represented by the Director-General of the NIA, Mrs. Bola Odukale; and the CEO of NCRIB, Tope Adaramola, who served as book reviewer.
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