The National Insurance Commission (NAICOM) has launched an implementation framework for the National Insurance Industry Reform Agenda (NIIRA) 2025.
This sets the stage for broad-based transformation in Nigeria’s insurance sector.
At a high-level meeting held in Abuja on Tuesday, the Commissioner for Insurance, Mr Olusegun Omosehin, inaugurated three core working groups. They are to coordinate the rollout of the reform agenda across the insurance value chain.
NIIRA 2025, enacted in July, provides a comprehensive roadmap for regulatory reform and financial inclusion. It also focuses on compulsory insurance enforcement and digital transformation across the industry.
Omosehin said the implementation phase would be inclusive, data-driven, and performance-oriented. He emphasised that the initiative represents a new chapter for the Nigerian insurance market.
“This marks the beginning of a coordinated journey toward a stronger, transparent, and technology-driven insurance sector. NIIRA 2025 is not just a policy document. It is a blueprint for protecting lives, businesses, and investments nationwide,” he stated.
He said the newly formed working groups will serve as engines of reform, translating key policy goals into measurable outcomes.
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The Compulsory Insurance Working Group, chaired by Shola Tinubu, is tasked with strengthening enforcement. They aim to expand the adoption of compulsory insurance schemes, including motor (third party), builders liability, group life, professional indemnity, and public buildings insurance.
The Digitisation Working Group, led by Adetola Adegbayi, will focus on modernising regulatory operations. They plan to use digital platforms and innovative technology tools.
The Financial Inclusion Working Group, chaired by Dr Yeside Oyetayo, will drive insurance penetration. Their focus is on low-income and underserved communities across the country.
Omosehin commended industry stakeholders for their commitment and urged continued collaboration to deliver on the reform targets.
“This strategy represents a shared responsibility to deliver tangible results and reshape the perception of insurance in Nigeria. We must all see ourselves as partners in national development,” he said.
