NAICOM launches NIIRA implementation working groups to advance insurance sector reforms

National Insurance Commission (NAICOM) has taken a decisive step toward transforming the nation’s insurance landscape with the launch of a comprehensive Implementation Strategy for the National Insurance Industry Reform Agenda (NIIRA) 2025. At a high-level Strategy Meeting held in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, inaugurated three core working groups to drive the structured and coordinated execution of NIIRA’s objectives across the insurance value chain. The NIIRA 2025 signed into Law earlier this year—sets out a holistic roadmap for regulatory reform, financial inclusion, digital transformation, and compulsory insurance enforcement. Its implementation aims to align Nigeria’s insurance industry with international standards while improving public confidence and economic resilience through risk protection. Speaking during the strategy session, the Commissioner for Insurance reaffirmed NAICOM’s commitment to ensuring that the implementation phase of NIIRA is inclusive, data-driven, and results-oriented. He emphasized that the strategy would consolidate ongoing reforms within the Commission and reposition the insurance industry as a key player in national economic growth.
“This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry. 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,” Mr. Omosehin said. He further underscored that the new working groups would serve as engines of reform, ensuring that critical policy objectives are translated into measurable outcomes. Compulsory Insurance Working Group (with Mr. Shola Tinubu as Chairman is to strengthen the enforcement and adoption of all compulsory insurance schemes across the country, including Motor (Third Party), Builders Liability, Group Life, Professional Indemnity, and Public Buildings insurance.
He said the goal is also to ensure nationwide compliance, improve public understanding of compulsory insurance, and enhance policyholder protection through active collaboration with federal and state enforcement agencies with an expected outcome of a structured framework for monitoring, enforcement, and periodic public awareness campaigns targeting institutions, professionals, and the public. Digitization Working Group with Adetola Adegbayi as Chairperson is to modernize the insurance regulatory ecosystem through innovative digital tools and platforms. Enhance transparency, data integrity, and regulatory oversight. Improve operational efficiency and reduce processing time for licensing, claims, and renewals. Expand accessibility to insurance products through digital channels and mobile platforms. Implement key digital transformation provisions of NIIRA 2025 (Sections 19–20 and 128) to foster innovation and cross-sector integration.