NAICOM building
By David Akinmola
The National Insurance Commission (NAICOM) has urged Nigeria’s insurance operators to adopt data-driven strategies, embrace innovation, and build stronger partnerships to secure the industry’s resilience and unlock sustainable growth.
Commissioner for Insurance, Olusegun Omosehin, gave the charge at the 2025 edition of the Insurance Professionals Forum of the Chartered Insurance Institute of Nigeria (CIIN), held in Abeokuta, Ogun State, at the weekend.
The forum, with the theme “Nurturing the Insurance Industry for Sustainable Growth,” brought together regulators, professionals, and key players to discuss the future of the sector in the country.
Omosehin stressed that the survival and relevance of the industry in today’s fast changing environment depend on its ability to harness data and technology for decision-making, improve operational efficiency, and enhance customer trust, “We must leverage data-driven insights to identify opportunities, improve resilience, and boost competitiveness,” he said, “Innovation and strategic alliances are equally essential to deepen market penetration, enhance knowledge-sharing, and address collective challenges.”
He urged insurance professionals to adopt change leadership, uphold excellence, and build credibility with customers, noting that the sector must be both financially sustainable and socially responsible. “Together, we can build an insurance industry that safeguards lives, assets, and livelihoods while supporting economic growth,” he said.
The commissioner described the newly signed Nigerian Insurance Industry Reform Act (NIIRA2025) as a landmark achievement and a springboard for repositioning the industry.
He credited operators and other stakeholders who worked tirelessly to ensure the Act’s passage, calling it” a long walk to freedom” that ushers in a new era for the sector. However, he warned that the success of the reforms would depend on full compliance and consistent improvement by operators.
Omosehin also encouraged insurers to prioritize professional development and continuous education, particularly in emerging trends and digital technologies, while fostering a culture of knowledge-sharing to challenge outdated practices.
Also speaking at the forum, the Ogun State Governor, Dapo Abiodun, who was represented by the Secretary to the state Government, Tokunbo Talabi, commended the forum for promoting dialogue on the sector’s future.
He urged operators to uphold integrity, noting that negative public perception about insurance remains a barrier to growth.
Abiodun highlighted the customer retention fund provision in NIIRA 2025 as a sign of accountability and advised regulators to enforce strict compliance with its provisions.
CIIN President, Yetunde Ilori, expressed optimism that the NIIRA Act would unlock new opportunities and strengthen public confidence in the industry. She called for collaboration among stakeholders to ensure seamless implementation of the law and proposed that the industry document its journey to the Act’s passage for posterity.
Participants at the forum agreed that sustainable growth for Nigeria’s insurance sector will require a mix of innovation, ethical conduct, and collective action anchored on data, technology, and effective regulation.
