Olusegun Ayo Omosehin, Commissioner for Insurance and CEO of National Insurance Commission (NAICOM), has unveiled a comprehensive reform agenda aimed at transforming Nigeria’s insurance sector, highlighting the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a major turning point.
Speaking in Lagos at an event marking the second anniversary of Daily Economy and the launch of Nike Popoola’s book “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons,” Omosehin described the publication as a valuable record of the industry’s progress over two decades.
He explained that before 2005, the sector faced challenges such as weak capital base, low public trust, and limited innovation. However, reforms like the 2005–2007 recapitalization exercise helped stabilize and strengthen the industry, improving inclusion and access to insurance services.
Despite these gains, Omosehin stressed the need for continued adaptation to evolving risks, technological advancements, and shifting consumer demands. He emphasized that NIIRA 2025 introduces stronger regulatory authority, better consumer protection, enforcement of compulsory insurance, support for digital innovation, and improved corporate governance.
He added that the new law is expected to boost investor confidence, ensure timely claims settlement, and enhance the industry’s contribution to Nigeria’s economy.
In her remarks, Popoola said her book chronicles the sector’s transformation, key reforms, and milestones, while also recognizing individuals who played significant roles in rebuilding trust and driving innovation.
The event attracted key industry stakeholders, including leaders from major insurance and regulatory bodies, underscoring broad support for the sector’s ongoing reforms.
