The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, has declared that Nigeria’s insurance industry is entering a new phase of growth and transformation, propelled by sweeping reforms and strengthened regulatory frameworks.
Omosehin made this known while delivering a keynote address at the second anniversary of Daily Economy and the launch of the book “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons” in Lagos. He described the past two decades as a defining era that fundamentally reshaped the sector.
Reflecting on the industry’s trajectory, he noted that prior to 2005, the sector was burdened by low capitalisation, weak public confidence, and limited innovation. However, the recapitalisation exercise carried out between 2005 and 2007 marked a major turning point, reinforcing the financial strength of operators and laying a solid foundation for stability.
“The journey from fragility to resilience has been driven by deliberate reforms, strong regulatory interventions, and visionary leadership,” Omosehin stated.
He commended Daily Economy for advancing financial journalism and praised the author, Nike Popoola, describing her work as “a strategic documentation of transformation, leadership, and institutional evolution” within the insurance industry.
Highlighting recent developments, the NAICOM boss identified the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a landmark achievement poised to redefine the sector. According to him, the new legislation goes beyond routine reforms, introducing a comprehensive overhaul of how the industry operates and delivers value.
“NIIRA 2025 is not just a reform; it is a comprehensive redefinition of how the industry operates, competes, and delivers value,” he said.
Omosehin explained that the Act strengthens regulatory oversight, enhances consumer protection, enforces compulsory insurance policies, and promotes innovation through digital transformation and insurtech. He added that it also improves corporate governance and ensures stronger financial stability among operators, positioning Nigeria’s insurance industry for global relevance.
Represented at the event by the Director of Human Resources and Administration at NAICOM, Rasaaq Salami, Omosehin stressed that the implications of the new law are far-reaching.
“For operators, it demands higher professionalism and innovation. For policyholders, it restores confidence. And for the economy, it enhances insurance’s role in national development,” he said.
He, however, cautioned that legislation alone would not guarantee success, urging stakeholders across the value chain to collectively embrace the reforms. “We must see this not as a burden but as an opportunity to build a more inclusive and globally competitive insurance sector,” he added.
Looking ahead, Omosehin identified key priorities for the industry, including deepening insurance penetration, leveraging technology, strengthening public trust, and expanding the sector’s contribution to economic growth.
Chairman of the occasion and Chairman of Prestige Insurance Brokers Limited, Feyisayo Soyemo, commended Popoola’s dedication and growth over more than two decades as an insurance journalist. He described the book as a significant contribution to industry knowledge and challenged other journalists to document sectoral developments.
While acknowledging the book’s depth, Soyemo suggested that future editions should incorporate broader contributions and historical accounts of past industry icons.
In her remarks, Popoola expressed gratitude to stakeholders and explained that the book was inspired by nearly two decades of reporting on the insurance sector. She noted that the publication chronicles the industry’s transformation from a low-trust, undercapitalised system to a more structured, innovative, and economically relevant sector.
The event attracted key industry leaders, including President of the Chartered Insurance Institute of Nigeria, Yetunde Ilorin, Chairman of the Nigerian Insurers Association, Ekeoma Ezeibe, and Managing Director of Punch Nigeria Limited, Adeyeye Joseph, among others.
Written By Olusegun Obisanya
