By David Akinmola
The National Insurance Commission (NAICOM) has inaugurated three key implementation working groups to advance the National Insurance Industry Reform Agenda (NIIRA) 2025, marking a major step toward transforming Nigeria,s insurance landscape.
At a high-level strategy meeting in Abuja, the Commissioner for Insurance, Olusegun Omosehin, said the initiative underscores NAICOM’s commitment to building a stronger, more transparent, and technology-driven insurance sector.
The NIIRA 2025, which was signed into law earlier this year, provides a comprehensive roadmap for regulatory reform, digital transformation, compulsory insurance enforcement, and financial inclusion.
The strategy aims to align Nigeria’s insurance industry with global standards while deepening public confidence and strengthening economic resilience through risk protection.
Speaking at the meeting, the commissioner, also described NIIRA Implementation Strategy as a “blueprint for building an insurance sector that protects lives, businesses, and investments across Nigeria.
“He said the commission would adopt a data-driven and results-oriented approach for implementation, ensuring that reforms translate into measurable outcomes. “This marks the beginning of a coordinated journey toward achieving a stronger, more technology-driven insurance industry,” he noted.
three working groups were inaugurated to lead critical areas of reform. The compulsory Insurance Working Group, Chaired by Shola Tinubu, is tasked with strengthening the enforcement of compulsory insurance schemes such as Motor (Third Party), Building Liability, Group Life, professional Indemnity, and Public Building insurance. The goal is to increase compliance nationwide, raise public awareness, and protect policyholders through collaboration with enforcement agencies at both federal and state levels.
The Digitisation Working Group, chaired by Adetola Adegbayi, will focus on modernizing regulatory operations through digital innovation. Its objectives include improving transparency, enhancing regulatory oversight, and expanding across to insurance products via mobile and online platforms.
the expected outcome is a more agile and customer-focused insurance ecosystem that leverages technology to increase market penetration and efficiency.
The Financial Inclusion Working Group, chaired by Dr. Yeside Oyetayo, will deepen insurance penetration among underserved and low-income groups by expanding microinsurance and takeful services.
it will also work with the Central Bank of Nigeria (CBN), development partners, and fintech firms to advance national financial inclusion goals.
the commissioner comemded stakeholders for their commitment to reform and stressed that the success of NIIRA 2025 would depend on collaboration between regulators, operators, and consumers.
“This strategy represents a shared responsibility to deliver results that will redefine the perception and impact of insurance in Nigeria, We must all see ourselves as partner in national development,” he said.
NAICOM also pledged to maintain strong communication and accountability mechanisms, including progress reports and stakeholder engagement sessions to track implementation milestones.
The launch of NIIRA Implementation Strategy reinforce NAICOM’s determination to foster transparency, innovation, and inclusion in Nigeria’s insurance industry.
By creating structured working group measurable objectives, the commission aims to reposition the sector as a vital driver of national economic growth.
Speaking on the development at the weekend, an industry expert, Mrs. Funmi Oyetunji, described the move as a timely intervention that will accelerate long-overdue reforms in the insurance sector.
She said the creation of the working groups shows NAICOM’s commitment to implementation, not just policy design. According to her, collaboration across stakeholders will be crucial to achieving the NIIRA’s objectives.
Oyetunji noted that the formation of the implementation groups marks a shift from rhetoric to action, as the industry has often sruggled with translating reform blueprints into measurable impact.
She stressed that by involving operators, regulators, and consumers in the process, NAICOM is setting a new standard for inclusive policy execution that can foster trust and efficiency in the market.
