Abeokuta, Sept. 11, 2025 (NAN) – The National Insurance Commission (NAICOM) has called on insurance operators across Nigeria to adopt data-driven practices, innovative business models, and strategic alliances to ensure the long-term sustainability of the industry.
Mr. Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, made the call on Thursday at the 2025 Insurance Professionals Forum of the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State. The forum, themed “Nurturing the Insurance Industry for Sustainable Growth,” brought together key stakeholders to discuss strategies for strengthening the sector and enhancing its contribution to national development.
Embracing Innovation and Data-Driven Practices
Omosehin emphasised that leveraging data insights is critical for identifying growth opportunities and making informed decisions that can boost resilience and competitiveness. He urged industry players to embrace innovative business models and forge strategic partnerships as a means to improve operational efficiency, facilitate knowledge-sharing, and promote collective problem-solving.
“I urge every professional in this room to embrace change leadership, excellence, and trust-building. Together, we can build an insurance industry that is not only financially sustainable but also socially responsible, supporting economic development and serving the needs of our people,” Omosehin said.
He noted that the forum’s theme was particularly timely, given the rapid technological advancements, evolving economic landscapes, and heightened expectations for adaptability and resilience in the insurance sector.
Strengthening Regulation and Trust
Omosehin stressed the importance of strengthening regulatory frameworks to ensure stability, accountability, and innovation that meets societal needs. He called for targeted initiatives to deepen market penetration and build public trust in insurance products.
“Ultimately, our goal is to position insurance as a pillar of national development, safeguarding lives, assets, and livelihoods while fostering economic resilience. As an agency of government, the commission is dedicated to creating an environment that promotes stability, innovation, and inclusivity, empowering the insurance industry to thrive and contribute to the nation’s economic growth,” he said.
Professional Development and Digital Transformation
The commissioner also advised insurers to continually invest in professional development to remain competitive and relevant. He highlighted the need for training programmes addressing emerging trends and technologies, as well as knowledge-sharing initiatives to challenge assumptions and conventional approaches.
“To remain competitive, we must harness the power of digital technologies to improve service delivery, risk management, and customer engagement,” Omosehin added.
The Nigerian Insurance Industry Reform Act (NIIRA 2025)
Omosehin praised operators who contributed to the successful signing of the Nigerian Insurance Industry Reform Act (NIIRA 2025), describing the legislation as a “long walk to freedom” and a landmark opportunity for the sector to reposition itself.
“The success of ongoing reforms depends on our collective commitment to implementation, compliance, and continuous improvement,” he said, noting that the forum serves as a pivotal platform for charting the industry’s future.
Government Support and Oversight
Speaking at the forum, Ogun State Governor Dapo Abiodun, represented by Secretary to the State Government, Mr. Tokunbo Talabi, urged insurers to uphold integrity in their operations amid lingering negative public perceptions of the industry.
Abiodun commended the customer retention fund provision in the NIIRA Act, describing it as a demonstration of ethical practice and integrity. He also called for mechanisms to monitor insurers’ compliance with key provisions of the legislation.
Industry Confidence and Collaboration
Mrs. Yetunde Ilori, President of CIIN, expressed confidence that NIIRA 2025 would unlock the growth potential of the Nigerian insurance sector. She encouraged operators to seize the forum as an opportunity to unite in purpose, uphold ethical standards, and realise the industry’s vision.
Ilori suggested documenting the contributions of insurers and NAICOM in achieving the NIIRA Act for posterity. She emphasised that collaboration among industry players would be critical to ensuring the seamless implementation of the reforms and the long-term sustainability of the sector.
Conclusion: A Sustainable Future for Insurance in Nigeria
The 2025 Insurance Professionals Forum underscored the urgency for Nigeria’s insurance sector to embrace technology, professionalism, and ethical practice. With NAICOM’s leadership, the guidance of government authorities, and the collective commitment of operators, the industry is poised to strengthen its role in national development, safeguard the interests of policyholders, and contribute to the nation’s economic growth.
📌 Editor’s Note: For content partnerships and collaborations, reach out via editor@naija247news.com
Naija247news Media Group LLC is committed to ethical, independent journalism that serves the public interest. Our editorial process prioritizes accuracy, fairness, and transparency in reporting. All content is fact-checked and held to the highest standards of integrity. Learn more in our full editorial policy here.
© 2025 Naija247news Media Group LLC. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from Naija247news Media Group LLC.
Reporting by Peter Anene, Business Editor in Lagos, Nigeria.
