NAICOM, NESG partner to boost Insurance sector reforms

Barbara Bako, Abuja.

The National Insurance Commission (NAICOM) and the Nigerian Economic Summit Group (NESG) have agreed to strengthen collaboration in advancing insurance sector reforms and boosting economic growth.

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, received an NESG delegation on a courtesy visit in Abuja where he described the meeting as a “long-overdue collaboration between NAICOM and NESG.”

During the engagement, Mr. Omosehin emphasized the sector’s role in national development, citing the recent enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025. The Act, he noted, consolidates outdated laws and introduces landmark reforms.

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He called for closer partnership on initiatives such as data sharing, expanding financial inclusion, and establishing an insurance working group within NESG.

“There is also a need to raise public awareness about the insurance sector’s vital contribution to economic growth,” he added.

NAICOM reaffirmed its commitment to protecting consumers, ensuring transparency, and providing efficient insurance services that support Nigeria’s economic transformation.

Both organizations agreed to maintain cooperation to advance reforms and expand opportunities in the insurance industry.