Insurance leaders push reforms to deepen penetration, rebuild public trust

L-R: Mr. Aigboje Aig-Imoukhuede, CFR, Chairman, EnterpriseNGR; Obi Ibekwe, Chief Executive Officer, EnterpriseNGR; Mrs. Bola Odukale, Director-General, NIA, Senator Tokunbo Abiru, Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions; Mr. Olusegun Ayo Omosehin, Commissioner for Insurance/CEO, NAICOM; Mrs. Yetunde Ilori, President/Chairman of Council, CIIN and Mr. Kunle Ahmed, Chairman, NIA.

By Lukman Olabiyi

Senior policymakers, regulators and industry leaders have called for urgent reforms, stronger collaboration and innovation to unlock the growth potential of Nigeria’s insurance sector.

The call was made at the Insurance Sector Transformation Consultative Forum 2026 held in Lagos, where stakeholders from government, regulatory institutions and the financial services industry gathered to chart a roadmap for strengthening the sector.

The forum, themed “Driving Collective Advocacy for the Transformation of Nigeria’s Insurance Industry,” was convened by EnterpriseNGR in collaboration with the Nigerian Insurers Association (NIA) and the Lagos Chamber of Commerce and Industry (LCCI), with support from industry partners including Leadway Holdings, Custodian Investment Plc, Olaniwun Ajayi LP and Coronation.

Participants emphasised the need for coordinated reforms, improved consumer confidence and stronger industry cooperation to address the persistent challenge of low insurance penetration in the country.

Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Tokunbo Abiru, said the newly enacted Nigeria Insurance Industry Reform Act would modernise insurance laws and strengthen the sector.

According to him, the real task now lies in implementing the legislation effectively through collaboration among industry players.

“We just passed the Nigeria Insurance Industry Reform Act, which has been signed into law by the President to enhance the operations of insurance in the country.

“The essence of this gathering goes beyond putting the law in place but to begin implementation. That is the only way the insurance industry can move forward,”Abiru said.

Chairman of EnterpriseNGR, Aigboje Aig-Imoukhuede, noted that strengthening the insurance industry is crucial to building a vibrant financial and professional services sector capable of driving economic growth.

He said Nigeria’s insurance penetration remains below one per cent of GDP, far behind global standards.

“Some countries are at three per cent while others are as high as 11 per cent. If we grow from where we are today to three per cent, that means tripling the sector, and if we reach 11 per cent, that represents ten times growth,” he said.

The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Omosehin, said transforming the insurance industry is critical to achieving the broader economic agenda of the federal government.

He stressed that no nation can attain sustainable economic growth without a resilient insurance sector capable of supporting investments and managing risk.

Also speaking, President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori, and Director-General of the Nigerian Insurers Association, Bola Odukale, highlighted the importance of collaboration among regulators, insurers, brokers, professional bodies and academic institutions to drive reforms and build industry capacity.

Odukale said ongoing reforms, including the Nigeria Insurance Reform Act 2025, would transform the market and deepen insurance penetration if stakeholders work together.

“For us as an industry, collaboration is key. We believe it will have a significant impact on our ability to deepen insurance penetration and continue to deliver value to the insuring public,” she said.

Stakeholders at the forum identified low consumer awareness, trust deficits arising from claims disputes and poor customer experience as key barriers limiting insurance adoption in Nigeria.

They stressed the need for improved transparency in claims management, stronger consumer education and higher service standards to rebuild public trust.

Participants also examined how innovation, technology and digital platforms could expand access to insurance products across retail, MSME and corporate segments.

They further called for stronger regulatory coordination, modern risk-based supervision and policies that encourage innovation while safeguarding market stability and consumer protection.

The forum also highlighted the need to strengthen human capital in the industry, particularly in actuarial science, digital skills and advanced risk management.

Stakeholders noted that a stronger insurance sector could mobilise long-term capital to support national development priorities such as infrastructure, agriculture, healthcare, energy and the digital economy.

Participants agreed that sustained collaboration among regulators, policymakers and industry players would be critical to accelerating reforms, improving service delivery and positioning the insurance sector as a key driver of Nigeria’s economic growth.

Recommendations from the forum are expected to guide ongoing engagement with policymakers and shape a coordinated roadmap for expanding insurance penetration in Nigeria.