The National Insurance Commission (NAICOM) has inaugurated key implementation working groups to drive the execution of the National Insurance Industry Reform Agenda (NIIRA) 2025, a major initiative aimed at transforming Nigeria’s insurance landscape through regulatory reforms, digital innovation, and financial inclusion.
At a strategy meeting in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, unveiled three core working groups that will coordinate the rollout of NIIRA’s objectives across the insurance value chain. The move marks a significant milestone in NAICOM’s effort to reposition the industry as a vital contributor to national economic growth and public confidence.
Signed into law earlier this year, NIIRA 2025 provides a holistic roadmap for modernizing the insurance sector, strengthening compulsory insurance compliance, and aligning regulatory frameworks with international best practices.
Speaking during the inauguration, Omosehin reaffirmed NAICOM’s commitment to ensuring that the implementation of NIIRA 2025 remains inclusive, data-driven, and result-oriented. He described the initiative as a coordinated step toward building a more transparent, technology-driven, and resilient insurance industry.
“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,” he stated.
The Commissioner emphasized that the newly inaugurated working groups will serve as engines of reform, translating policy goals into measurable outcomes that reflect on the lives of Nigerians and the stability of the financial system.
Key Implementation Working Groups
1. Compulsory Insurance Working Group
Chairman: Mr. Shola Tinubu
Mandate: To strengthen the enforcement and nationwide adoption of compulsory insurance policies, including Motor (Third Party), Builders Liability, Group Life, Professional Indemnity, and Public Buildings insurance.
Goal: Achieve full compliance through collaboration with federal and state enforcement agencies, backed by sustained public awareness campaigns.
Expected Outcome: A more structured enforcement framework and enhanced policyholder protection.
2. Digitization Working Group
Chairperson: Mrs. Adetola Adegbayi
Mandate: To modernize regulatory operations using digital platforms and tools.
Key Objectives: Improve data integrity, enhance transparency, and speed up licensing, claims, and renewal processes.
Expected Outcome: A more agile, customer-focused insurance ecosystem leveraging technology to boost accessibility and trust.
3. Financial Inclusion Working Group
Chairperson: Dr. Yeside Oyetayo
Mandate: To extend insurance coverage to underserved and low-income populations.
Focus Areas: Expand microinsurance and takaful programs while partnering with the CBN, fintechs, and development agencies.
Expected Outcome: Increased participation of the informal sector and improved financial resilience for households.
Commitment to Collaboration and Accountability
Omosehin commended industry stakeholders for their continued collaboration, noting that the success of NIIRA 2025 hinges on active cooperation 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. We must all see ourselves as partners in national development,” he said.
Senior management representatives at the event underscored NAICOM’s dedication to transparency and accountability, pledging to monitor implementation progress, publish periodic reports, and maintain open engagement with stakeholders.
The launch of the NIIRA Implementation Working Groups underscores NAICOM’s renewed commitment to reforming Nigeria’s insurance sector through transparency, innovation, and inclusion. By establishing clear operational structures and measurable goals, the Commission is setting the stage for an insurance industry that is more responsive, resilient, and aligned with the nation’s broader economic aspirations.
