Federal Govt Reaffirms Insurance Reforms, Strengthens Regulatory Oversight

The federal government has reiterated its resolve to deepen reforms in Nigeria’s insurance industry, with a focus on strengthening regulatory oversight, expanding financial inclusion and enhancing the sector’s contribution to economic growth.

Commissioner for Insurance and chief executive officer of the National Insurance Commission, Olusegun Ayo Omosehin, disclosed this in Lagos, at the second anniversary of Daily Economy and the launch of the book “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons” by Nike Popoola.

Represented by the Director of Human Resources and Administration, Rasaaq Salami, he noted that sustained policy interventions and regulatory measures have continued to reposition the industry over the past two decades.

The commissioner said reforms introduced by government and regulators have driven innovation, improved market stability and increased access to insurance services across underserved segments.

Omosehin explained that the reform trajectory has been anchored on strengthening institutional capacity, enforcing compliance and promoting consumer confidence, adding that these measures are critical to unlocking the sector’s full potential within the broader financial system.

He noted that the government remains committed to policies that will enhance transparency, deepen penetration and align Nigeria’s insurance framework with global best practices.

The NAICOM boss further stressed that regulatory vigilance would be sustained to ensure operators adhere to prudential standards, while encouraging product innovation tailored to local realities.

According to him, the focus on inclusive insurance and risk-based supervision is expected to accelerate growth and improve the sector’s relevance to households and businesses.

Speaking at the event, stakeholders emphasised the importance of documentation and knowledge-sharing in shaping policy direction and industry development.

Industry leaders, including chairman of Prestige Insurance Brokers Limited, Feyisayo Soyewo, and Group Managing Director of the African Reinsurance Corporation, Corneille Karekezi, commended ongoing reforms, noting that consistent policy implementation and regulatory clarity would be key to sustaining momentum in the sector.

They maintained that the combination of strong regulation, industry collaboration and knowledge development initiatives would further strengthen the insurance ecosystem and support Nigeria’s long-term economic resilience.