Insurance leaders push reforms to deepen penetration, rebuild public trust

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, with the theme, “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 also 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.