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By Henry Uche
Nigeria’s ambition to widen insurance access and deepen public confidence is gaining renewed momentum as prominent global institutions rally behind the country’s quest to close its longstanding protection gap. With millions of Nigerians still uninsured and vulnerable to shocks, the growing collaboration between international development bodies and the National Insurance Commission (NAICOM) is setting the stage for what industry observers describe as the most coordinated effort in years to transform the insurance landscape.
The momentum was further reinforced when the Financial Sector Deepening Africa (FSDA) expressed strong support for NAICOM’s push to broaden coverage, particularly among low-income and underserved groups. The endorsement was announced at a session hosted by the United Nations Development Programme and supported by the National Health Insurance Authority, during which the partners formally launched the Inclusive Insurance Innovation Challenge (IIIC) Nigeria 2025. The initiative is designed as a platform for innovators, regulators, insurers and development partners to develop practical solutions that can bring affordable and accessible insurance to populations traditionally excluded from the sector.
During the event, Mr. Kenneth Aroh, NAICOM’s Head of Innovation, assured of the Commission’s dedication to strengthening Nigeria’s insurance ecosystem through deliberate, innovation-driven interventions. He explained that the IIIC programme incorporates mentorship, technical guidance, regulatory advisory services and targeted advocacy to ensure that participating teams develop scalable and sustainable products. Aroh praised UNDP, FSDA and NHIA for their continuous commitment to supporting insurance inclusion, noting that their partnership carries immense potential for reshaping the country’s insurance trajectory.
Aroh also disclosed that preparations are already underway for the next edition of the Challenge, known as IIIC Nigeria 2.0 coming in 2026. According to him, the upcoming edition will broaden participation across insurance firms, technology start-ups, public institutions and private sector stakeholders. He called on insurers, InsurTech companies, donor organizations and relevant actors in the financial ecosystem to join hands in building a fertile environment for inclusive insurance solutions, adding that widespread collaboration is vital to achieving lasting change.
At the heart of the Challenge is the determination to accelerate the development of an inclusive insurance culture in Nigeria. The initiative seeks to address structural barriers that have historically hindered insurance penetration, such as affordability constraints, limited awareness, distrust of insurers, and weak distribution networks. It is designed to foster an environment in which vulnerable populations, including rural dwellers, micro-entrepreneurs and informal sector workers, can access tailored products that guard against financial losses arising from illness, accidents, disasters and business shocks.
Despite the optimism surrounding the global support, public perception of insurance remains mixed. When asked whether international backing could influence Nigerians’ attitudes toward insurance, respondents offered contrasting views that highlight the complexity of public acceptance. A micro-business owner, Felicia Umeh, expressed unwavering confidence in her insurer, insisting that her personal experience has been a positive one and that her trust did not depend on international endorsements. She said her insurer, a foreign-owned firm, has treated her fairly for decades and has consistently fulfilled its obligations without excuses.
According to her, negative experiences shape many Nigerians’ skepticism, but she believes that those who have enjoyed reliable services will continue to trust their insurers regardless of outside involvement.
She explained, “As for me, I’m confident in my insurance company. They have been treating me well. So long as I keep my part without blame, they will do their own. Many Nigerians don’t like insurance, but I will not blame them. It is from experience. But me, I have a good experience and my insurance company is foreign owned. They don’t do us mago-mago, so international organizations may have nothing to change so long as people already have their own belief system about insurance.”
Another respondent, Isaq Tokunbo, who does not currently hold any insurance policy, offered a more cautious perspective. He acknowledged hearing widespread complaints about insurance companies but attributed much of the distrust to a lack of awareness, especially in rural communities where knowledge of insurance remains shallow. He welcomed the involvement of foreign partners but was unsure whether such support would meaningfully alter the sector’s reputation. He noted, “Many people talk bad about insurance, but people in the village are not very aware. Foreign partners supporting the insurance regulator is good, but I don’t know if it would help to change the bad name insurance carries.”
While public views remain divided, NAICOM is focusing on internal reforms that could reposition the Commission as one of Africa’s most forward-thinking and efficient regulators. In a renewed effort to drive institutional transformation from within, the Commission held a Performance Management Workshop in Akwa Ibom for its senior officials. The Deputy Commissioner for Technical Operations, Dr. Usman Jankara, speaking on behalf of the Commissioner for Insurance, Mr. Ayo Omosehin, emphasized that the workshop marked a key milestone in embedding a more accountable and merit-driven culture in the Commission. He stated that NAICOM cannot achieve meaningful reform without first strengthening the internal systems that drive supervision, decision-making and strategic implementation.
Dr. Jankara, delivering the message of the Commissioner, highlighted that performance management is central to the success of any public institution. According to him, NAICOM’s overarching vision is to build a safe, stable and globally competitive insurance industry capable of contributing meaningfully to Nigeria’s economic development. Achieving this vision requires every unit and staff member to be aligned with the organization’s strategic direction.
He explained that without a strong performance culture rooted in clarity, accountability and measurable outcomes, the Commission’s broader reform agenda would not succeed. The workshop was therefore designed to refocus senior officers on the importance of clear goal-setting, transparent evaluation and continuous improvement.
The Commissioner reminded participants of NAICOM’s strategic priorities, which include protecting policyholders, restoring confidence in the industry, enhancing supervisory capacity, ensuring sector stability, promoting innovation, and expanding insurance penetration. He urged staff to approach their duties with renewed commitment, stressing that the Commission’s work is critical to building public trust and enabling the sector to play its rightful role in national development.
Part of NAICOM’s reform involves adopting the Objectives and Key Results methodology, a globally recognized performance management framework used by high-performing institutions. The Commissioner explained that OKR promotes transparency and alignment across teams by linking clear objectives to measurable results.
He emphasized that this approach shifts the focus from activity-based reporting to outcome-oriented accountability. He further explained that the use of SMART principles would help staff set feasible targets and evaluate progress using globally accepted standards. He stressed that the intention was not punitive but aimed at fostering clarity, consistency and improvement throughout the Commission.
Looking ahead, NAICOM expects that these reforms will lead to stronger supervisory efficiency, faster claims processing, heightened consumer confidence and increased insurance penetration. The Commissioner expressed optimism that the reforms embedded in the NIIRA 2025 framework would firmly reposition Nigeria’s insurance industry as a strong pillar of the nation’s financial system. He cautioned, however, that no strategy can work without the right institutional culture, reminding staff that culture consistently shapes the effectiveness of any reform. He called on senior officers to instill values of honesty, dedication and discipline in their teams, noting that leadership integrity is indispensable to regulatory excellence.
As Nigeria strengthens global partnerships and drives deep internal reforms, the country appears poised to reshape its insurance landscape in ways that could unlock broader financial inclusion, improve resilience among households and businesses, and position its insurance regulator as a continental benchmark.
