By David Akinmola
The National Insurance Commission (NAICOM) has reiterated its readiness to collaborate with international partners to strengthen Nigeria’s insurance sector, as Egypt’s MISR Non-Life Insurance Group signaled interest in Exploring opportunities within the market.
The commissioner for Insurance, Olusegun Omosehin, started this in Abuja at the weekend while receiving a delegation from the Egytian insurer led by its Chief Executive Officer, Mohammed Maharaj.
The visit focused on opportunities arising from the Nigerian Insurance Industry Reform Act 2025 and ongoing efforts to reposition the sector for sustainable growth.
The delegation included Ahmed Alkanhawy, Assistant CEO of MISR Non-Life, and Hossein Shky of the Egytian Embassy in Nigeria.
Omosehin said the commission is committed to fostering partnerships that will deepen underwriting capacity, strengthen reinsurance arrangements and enhance policyholder protection.
“The reform framework provides a stronger regulatory environment that promotes transparency, solvency and investor confidence. We welcome credible international partners willing to contribute to the growth and stability of our market,” he said.
Maharaj, in his remarks, expressed strong optimistism about Nigeria’s insurance prospects, particularly in the non-life and reinsurance segments.
“Nigeria represents one of the most dynamic and promising insurance markets in Africa. We are encouraged by the reform initiatives and the clear commitment of the regulator to market development,” he said.
He added that MISR Non-Life is keen to engage local operators to explore partnership models that will create mutual value.
“We see significant opportunities in risk sharing, technical collaboration and reinsurance support.Our objective is to build long-term partnerships that strengthen capacity while supporting economic growth,” Maharaj stated.
Industry stakeholders say increased cross-border collaboration could inject fresh capital, global best practices and technical experience into the domestic market. A senior underwriting executive in Lagos noted that foreign participation cold improve risk diversification and expand coverage for complex infrastructure, energy and industrial risks.
Analysts further observe that with insurance penetration still below continental averages, strategic international alliances could accelerate innovation in product development, enhance risk pricing standards and boost consumer confidence.
Market watchers believe that NAICOM’s engagement with global insurers signals a deliberate move to position Nigeria as a regional insurance hub, while ensuring stronger safeguards for policyholders under the new reform regime.
