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The National Insurance Commission (NAICOM) has identified the insurance sector as a key driver of Nigeria’s future economic and industrial growth, citing recent reforms that have repositioned the industry as a pillar of national resilience.
Speaking in Lagos during the second-anniversary celebration of Daily Economy and the launch of the book “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons”, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, said the sector is now strategically positioned to support long-term capital formation and economic stability.
Represented by Salami Abdulkabir, Omosehin highlighted the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a transformative milestone in strengthening the industry’s regulatory framework and enhancing financial compliance.
“NIIRA 2025 represents a bold and forward-looking transformation. It redefines how the industry operates, competes, and delivers value, positioning insurance as a major contributor to economic growth,” he stated.
The event, chaired by Prince Feyisayo Soyewo, brought together key stakeholders across the financial services ecosystem, underscoring the importance of governance, risk, and compliance (GRC) in driving sector-wide growth.
In her remarks, the publisher of Daily Economy, Nike Popoola, noted that the industry’s transformation over the past two decades reflects the impact of sustained reforms and improved compliance management systems.
She observed that the sector has evolved from a fragile system marked by low public confidence to a more structured and innovative ecosystem, driven by stronger regulatory compliance and increased adoption of compliance technology.
The book, she explained, documents key milestones including recapitalisation, regulatory restructuring, and consolidation efforts, while also recognising industry leaders whose contributions have shaped the sector’s growth trajectory.
Reviewing the publication, the CEO of the Nigerian Council of Registered Insurance Brokers, Tope Adaramola, emphasised the importance of documentation in strengthening institutional knowledge within the financial sector.
He noted that the book addresses longstanding gaps in industry records, providing a data-driven perspective on the evolution of insurance in Nigeria while reinforcing the role of regulatory intelligence and compliance analytics in sector development.
Other industry leaders, including representatives from the African Reinsurance Corporation, Chartered Insurance Institute of Nigeria, and Nigerian Insurers Association, reaffirmed their commitment to deepening insurance penetration across Nigeria.
They stressed that the success of NIIRA 2025 will depend on strong collaboration between regulators, operators, and the media to extend insurance coverage beyond urban centres and into underserved and informal sectors—supported by enhanced risk assessment frameworks and improved compliance monitoring tools.
The introduction of NIIRA 2025 marks the first major legislative overhaul of Nigeria’s insurance industry in over two decades, replacing the outdated Insurance Act of 2003. The reform introduces risk-based capital requirements, aligning the sector with global standards and strengthening its capacity to support a modern economy.
This shift also reflects broader trends in the RegTech industry, where regulatory technology solutions and compliance automation are increasingly being leveraged to improve transparency, efficiency, and risk mitigation.
As Nigeria continues to pursue economic diversification, stakeholders believe the insurance sector—supported by strong regulatory compliance frameworks and innovative RegTech solutions—is well-positioned to play a central role in driving sustainable growth and financial inclusion.
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