By David Akinmola
The National Insurance Commission (NAICOM) has introduced a new industry-wide innovation drive aimed at widening insurance access and strengthening financial resilience for millions of underserved Nigerians.
at an event held over the weekend, the commission, in collaboration with major development partners, formally announced the Inclusive Insurance Innovation Challenges (IIIC) Nigeria 2025, a programme designed to accelerate the creation of technology-driven, affordable, and scalable insurance solutions for low-income and vulnerable groups.
Speaking at the unveiling, NAICOM’s Head of Innovation, Kenneth Aroh, said the initiative underdersores the commission’s renewed push to reposition the insurance sector as a key driver of national development.
He explained that the challenge will provide participating innovators with structured mentorship, regulatory guidance, and hands on coaching to ensure that new products meet industry standards while addressing to real protection gaps.
Aroh acknowledged the support of institutions backing the 2025 edition Financial Sector Deepening Africa (FSDA) as sponsor, the United National Development Programme (UNDP) as host, and the National Health Insurance Authority (NHIA) as implementing partner describing their collaboration as critical to deepening inclusive insurance in Nigeria.
According to him, planning has begun for the 2026 cycle, Inclusive Insurance Innovation Challenge Nigeria 2.0, which is expected to attact wider participation from insurers, InsurTech firms, donors, and public institutions as the initiative scales.
The programme ais to fast-track the development of micro insurance and other inclusive product, reduce barriers to market entry for innovators, and strengthe risk-protection mechanisms for communities historically excluded from formal insurance.
According to NAICOM, the challenge represents an important step toward building a more equitable and resilient insurance lansape one capable of supporting national financial inclusion goals and ensuring that “no Nigerian is left behind in access to protection.
Commenting on the development,a policyholder in the industry at the weekend, Sunday Ogunmola, said the new innovation drive launched by NAICOM places strong emphasis on improving protection for underserved and low-income Nigerians.
The initiative is designed ti widen access to affordable, technology-driven insurance products that address real protection gaps and strengthen financial resilience for vulnerable households.
By accelerating the development of microinsurance and other inclusive products, the programme aims to ensure that communities historically excluded from formal insurance market can finally benefit from reliable risk-mitigation tools.
