NAICOM inaugurates groups to drive insurance reforms

Barbara Bako, Abuja.

The National Insurance Commission (NAICOM) has inaugurated three core working groups to spearhead the implementation of the National Insurance Industry Reform Agenda (NIIRA) 2025 a strategic blueprint aimed at transforming Nigeria’s insurance sector through regulatory reform, digital innovation, and financial inclusion.

Speaking at a high-level strategy meeting in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, said the launch of the implementation groups marked a decisive step toward building a more transparent, technology-driven, and inclusive insurance industry.

“This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry. The NIIRA 2025 is not just a regulatory document—it is a blueprint for building an insurance sector that protects lives, businesses, and investments across Nigeria,” Mr. Omosehin stated.

He explained that the strategy would consolidate ongoing reforms within the Commission and reposition the insurance industry as a key driver of national economic growth.

The working groups inaugurated by the Commission include the Compulsory Insurance Working Group chaired by Mr. Shola Tinubu, the Digitization Working Group led by Mrs. Adetola Adegbayi, and the Financial Inclusion Working Group chaired by Dr. Yeside Oyetayo.

The Compulsory Insurance Group is expected to strengthen enforcement and adoption of all compulsory insurance schemes across the country, including Motor (Third Party), Builders Liability, Group Life, Professional Indemnity, and Public Buildings insurance.

It will also promote compliance through collaboration with federal and state enforcement agencies.

The Digitization Group will modernize the insurance regulatory ecosystem through digital transformation, enhance data integrity and regulatory oversight, and improve operational efficiency and customer experience while implementing key digital provisions of NIIRA 2025.

The Financial Inclusion Group will focus on deepening insurance penetration among underserved populations by expanding microinsurance and takaful products, and partnering with stakeholders such as the Central Bank of Nigeria (CBN), development partners, and fintech firms.

Each group is expected to deliver measurable outcomes that will deepen insurance penetration, promote innovation, and boost consumer trust in the sector.

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Mr. Omosehin commended industry stakeholders for their commitment to NIIRA’s objectives and urged continued collaboration between regulators, operators, and consumers.

“This strategy represents a shared responsibility to deliver results that will redefine the perception and impact of insurance in Nigeria. We must all see ourselves as partners in national development,” he added.

Senior NAICOM officials also emphasized the need for continuous communication, measurable benchmarks, and transparency in implementation.

The Commission, they said, will monitor progress, publish periodic updates, and engage operators to ensure accountability throughout the reform process.

The NIIRA 2025 Implementation Strategy, which was signed into law earlier this year, outlines reforms designed to align Nigeria’s insurance industry with global standards while boosting financial resilience and public confidence through risk protection.

With the new implementation structure in place, NAICOM says it is confident that the reforms will fast-track the growth of a resilient, inclusive, and technology-driven insurance industry that contributes meaningfully to national economic development.