NAICOM Launches Strategy for Insurance Reform, Inaugurates Three Key Working Groups
By Patience Ikpeme
The National Insurance Commission (NAICOM) has officially launched its Implementation Strategy for the National Insurance Industry Reform Agenda (NIIRA) 2025, marking a pivotal step toward a stronger and more inclusive insurance sector.
Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance, inaugurated three core working groups during a strategy session. The groups are tasked with driving the structured and coordinated execution of NIIRA’s objectives across the entire insurance value chain.
Speaking at the session, Mr. Omosehin conveyed NAICOM’s dedication to ensuring the implementation phase of NIIRA is inclusive, data-driven, and results-oriented. He stated that the strategy would consolidate ongoing reforms within the Commission and reposition the insurance industry as a crucial element of national economic growth.
“This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry,” Mr. Omosehin said. He added, “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.”
The Commissioner conveyed that the newly established working groups will function as the engines of reform, ensuring that critical policy objectives are translated into measurable outcomes.
The three Implementation Working Groups have been established with specific mandates to address key challenges and growth areas:
Compulsory Insurance Working Group (Chaired by Mr. Shola Tinubu is mandated to strengthen the enforcement and adoption of all compulsory insurance schemes nationwide. This includes schemes like Motor (Third Party), Builders Liability, Group Life, Professional Indemnity, and Public Buildings insurance.
The group’s goal is to ensure nationwide compliance, improve public understanding of compulsory insurance, and enhance policyholder protection through active collaboration with federal and state enforcement agencies. The expected outcome is a structured framework for monitoring, enforcement, and periodic public awareness campaigns.
The Digitization Working Group Chaired by Adetola Adegbayi is mandated to modernize the insurance regulatory ecosystem through innovative digital tools and platforms, the group’s key objectives include enhancing transparency, data integrity, and regulatory oversight. It will also work to improve operational efficiency and reduce processing time for licensing, claims, and renewals.
The group will focus on expanding accessibility to insurance products through digital and mobile platforms and implementing key digital transformation provisions of NIIRA 2025 to foster innovation. The expected outcome is a more agile, automated, and customer-centric insurance environment that leverages technology to increase market penetration and trust.
The Financial Inclusion Working Group headed by Dr. Yeside Oyetayo is tasked with the responsibility of deepening insurance penetration, particularly among underserved and low-income populations. Its focus areas include expanding microinsurance and Takaful outreach and collaborating with key financial inclusion stakeholders such as the Central Bank of Nigeria (CBN), development partners, and fintech firms.
The objective is to implement inclusive policy measures from NIIRA 2025 to ensure equitable access to risk protection, with the expected outcome being broader participation of the informal sector in insurance, contributing to national financial inclusion targets.
The Commissioner praised stakeholders for their dedication and conveyed confidence that the new implementation structure would accelerate industry-wide reforms. He maintained that the success of NIIRA 2025 depends on active collaboration among regulators, operators, and consumers.
“This strategy represents a shared responsibility to deliver results that will redefine the perception and impact of insurance in Nigeria,” he added. “We must all see ourselves as partners in national development.”
Senior management representatives from NAICOM attending the event communicated the importance of maintaining strong communication channels and measurable benchmarks. They conveyed that the Commission will continuously monitor progress, publish periodic updates, and engage with operators to ensure accountability throughout the process.
The NIIRA 2025, which was signed into Law earlier this year, sets out a holistic roadmap for regulatory reform, financial inclusion, and digital transformation. Its implementation is designed to align Nigeria’s insurance industry with international standards while improving public confidence and economic resilience through effective risk protection.
