Barbara Bako, Abuja.
The National Insurance Commission (NAICOM) has urged insurance brokers to leverage the Nigerian Insurance Industry Reform Act (NIIRA) to expand their role in infrastructure financing and strengthen their contribution to Nigeria’s economic development.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Ayo Omosehin, made the call on Wednesday at the 2026 National Insurance Brokers Conference and Exhibition held in Abuja.
Speaking on the theme, “Insurance: Infrastructure Financing & National Development Agenda,” Omosehin said Nigeria’s ambition to build a multi-trillion-dollar economy required long-term domestic capital formation and robust risk management mechanisms.
He described insurance brokers as critical players in the insurance ecosystem, noting that their roles as risk advisers and intermediaries extended beyond commercial transactions to include market expansion, risk management for major projects and consumer protection.
According to him, brokers possess the technical expertise needed to structure risk mitigation and transfer solutions for large-scale infrastructure projects in transportation, energy, real estate and industrial development.
Omosehin said the enactment of NIIRA marked a significant turning point in the regulation of the insurance industry, providing a framework to strengthen balance sheets, improve market conduct, protect consumers and accelerate insurance penetration.
He urged brokers to prepare for stricter professional standards, enhanced governance requirements and tougher enforcement against unlicensed activities, ethical breaches and failure to remit premiums.
“The Commission will strictly enforce these rules to protect consumer confidence,” he said.
The NAICOM chief also encouraged insurance brokers to embrace digital transformation, noting that the new legal framework recognised digital, electronic and web based insurance channels.
He said adopting technology and insurance technology (InsurTech) solutions would help brokerage firms expand their reach, improve service delivery and streamline customer experiences.
On infrastructure financing, Omosehin said the insurance industry must play a greater role in mobilising domestic capital through investment pools, infrastructure bonds and tailored risk guarantees.
He stressed that Nigeria’s infrastructure deficit could not be addressed without sustainable risk management and increased participation of local capital.
He called on the Nigerian Council of Registered Insurance Brokers (NCRIB) and its members to establish strategic partnerships across the banking, energy, manufacturing and public infrastructure sectors to support national development.
Omosehin further urged brokers to position themselves as key advisers to infrastructure sponsors, contractors and financiers by providing guidance on compulsory insurance requirements and specialised risk coverage for major projects.
He reaffirmed NAICOM’s commitment to creating an enabling environment for product innovation, capital growth and market expansion, while supporting the NCRIB in strengthening professional capacity and enforcing market discipline.
The commissioner urged participants to translate discussions at the conference into practical recommendations that would strengthen the brokerage profession and advance the implementation of NIIRA.
He subsequently declared the 2026 National Insurance Brokers Conference and Exhibition open, expressing optimism that the deliberations would position insurance as a more effective instrument for infrastructure financing and national development.
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