The Federal Government has reaffirmed its commitment to deepening insurance reforms and positioning the sector as a major driver of Nigeria’s economic transformation through the implementation of the National Insurance Industry Reform Act (NIIRA) 2025.
At the 2025 Insurance Directors’ Conference held in Lagos, the Minister of State for Finance, Dr. Doris Uzoka-Anite, and the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, urged industry leaders to demonstrate strategic leadership and accountability in navigating the new regulatory landscape.
The two-day conference, organised by the National Insurance Commission (NAICOM) in collaboration with the College of Insurance and Financial Management (CIFM), had as its theme “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth.”
Dr. Uzoka-Anite commended NAICOM and CIFM for their foresight and leadership in sustaining the forum, describing NIIRA 2025 as “more than a regulatory framework; it represents a fundamental shift towards building institutions that are robust, ethical, innovative, and responsive to the evolving needs of Nigerians.”
She said the insurance industry remained central to President Bola Ahmed Tinubu’s economic reform agenda, adding that no sustainable transformation could be achieved without a strong, credible, and innovative insurance sector.
“Insurance is a stabilizer. It cushions the shocks that come with enterprise. It sustains families when tragedy strikes. It protects national assets, encourages entrepreneurship, and supports investor confidence. In essence, insurance is the silent engine of a resilient economy,” she stated.
The Minister emphasized that NIIRA 2025 provides a strategic roadmap that connects regulatory reform with digital innovation, market deepening, and consumer empowerment.
She urged insurance directors to embed the principles of NIIRA 2025 into their organisational culture, prioritise solvency and ethical practice, and drive digital transformation across their institutions.
“We cannot talk about growth without inclusion. The future of insurance lies in reaching those who have been left out for too long,” she said.
She called on operators to expand services to underserved groups such as farmers, artisans, transport workers, and micro-enterprises.
Uzoka-Anite reaffirmed the Finance Ministry’s alignment with NAICOM’s reform trajectory, noting ongoing efforts to strengthen capital market linkages, review investment and solvency frameworks, and promote collaboration among regulators such as the SEC, CBN, CAC, FRSC, NDPC, and EFCC.
“Our collective goal is clear: to make insurance a pillar of Nigeria’s financial ecosystem — a sector that protects, empowers, and propels economic transformation,” she said.
In his opening address, NAICOM’s Commissioner, Mr. Olusegun Ayo Omosehin, described NIIRA 2025 as “a comprehensive blueprint to reposition the insurance sector as a key driver of economic growth and social protection.”
He said the Commission’s strategic focus under NIIRA 2025 rests on three pillars Reform, Rebuild, and Recapitalize aimed at modernising regulation, strengthening governance and solvency, and enhancing innovation and inclusion.
“This year’s theme reflects our collective responsibility not just to comply with regulation, but to lead change to turn compliance into competitiveness and regulation into opportunity for innovation,” Omosehin noted.
He outlined NAICOM’s reform priorities, including digital transformation, improved consumer protection, recapitalisation, data protection, compulsory insurance enforcement, and the promotion of InsurTech solutions to drive inclusion.
“The Commission is strengthening complaint-resolution mechanisms, ensuring prompt claims settlement, and imposing stricter sanctions for infractions,” he said.
Omosehin disclosed that all insurance and reinsurance firms had submitted recapitalisation plans by the September 30 deadline, with reviews completed and official communications set to begin. The recapitalisation exercise, which began on July 31, 2025, is to be concluded by July 31, 2026.
He emphasised the importance of trust as the bedrock of the insurance business, urging operators to “deliver on promises to pay legitimate claims promptly, to communicate clearly with policyholders, and to uphold fairness in every transaction.”
Both leaders reaffirmed that NIIRA 2025 is not just a reform document but a national mission to rebuild trust, restore relevance, and redefine the role of insurance in Nigeria’s economic life.
Dr. Uzoka-Anite concluded by expressing optimism that with strong leadership and collaboration “the Nigerian insurance industry will not only navigate this new landscape but also shape it for our people, for our economy, and for generations to come.”
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