The National Insurance Commission (NAICOM) has called on insurance operators to embrace data-driven practices, innovative business models, and strategic alliances to ensure the long-term sustainability of the industry.
Olusegun Omosehin, commissioner for Insurance and chief executive officer of NAICOM, made the appeal on Thursday at the 2025 Insurance Professionals Forum of the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State.
The forum has as its theme: “Nurturing the Insurance Industry for Sustainable Growth.”
He said the industry must leverage data-driven insights to identify growth opportunities and make informed decisions that would enhance resilience and competitiveness.
According to him, embracing innovative business models and forging strategic partnerships remain critical to boosting operational efficiency, knowledge-sharing and 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.
“The theme of this forum is particularly apt and timely as we operate in an era characterised by rapid technological advancements, evolving economic landscapes, and heightened expectations for adaptability and resilience.
“The need to develop a robust, sustainable, and inclusive insurance industry has become increasingly paramount,” he said.
Mr Omosehin noted that key initiatives must be taken seriously, like cultivating trust and deepening market penetration through targeted initiatives.
He said it was also important to strengthen regulatory frameworks to promote stability and accountability as well as drive innovation that addresses the evolving needs of society.
“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 and development,” he said.
The commissioner advised insurers to continually invest in professional development to remain competitive and relevant.
He urged them to focus on continuing education, including training programmes that address emerging trends and technologies.
He noted that insurers must also embrace knowledge-sharing that would challenge assumptions and conventional wisdom.
“To remain competitive, we must also harness the power of digital technologies,” he said.
On the recently signed Nigerian Insurance Industry Reform Act (NIIRA 2025), Mr Omosehin appreciated all the operators that were instrumental to the eventual success.
He described the process of achieving NIIRA 2025 as a long walk to freedom, marking a new era for the sector.
He said that the landmark legislation presented a golden opportunity for the insurance industry to reposition itself and emerge from the challenges that had hindered its growth over the years.
Mr Omosehin noted that the success of the ongoing reforms in the industry depended on the collective commitment of operators to implementation, compliance and continuous improvement.
He described the forum as a pivotal platform for charting the industry’s future, expressing optimism that participants would leave with actionable strategies for sustainable growth.
Also speaking, Gov. Dapo Abiodun of Ogun State urged insurers to uphold integrity in their operations, noting the prevailing negative public perception of the industry.
Abiodun, represented by the Secretary to the State Government, Tokunbo Talabi, commended the customer retention fund provision in the NIIRA Act.
He said the provision was a demonstration of integrity and advised that mechanisms be put in place to monitor insurers’ compliance with specific provisions of the Act.
Earlier, Yetunde Ilori, president of the Chartered Insurance Institute of Nigeria (CIIN), expressed confidence in NIIRA to unlock the growth potential in the industry.
Mrs Ilori urged insurance operators to seize the opportunity offered by the forum to unite in purpose and uphold ethical standards to realise the industry’s vision.
She suggested that, given the roles insurers and NAICOM played in facilitating the signing of NIIRA 2025, the industry could produce a documentary to commemorate their contributions for future generations.
She also advised collaboration to ensure seamless implementation of the NIIRA Act.
(NAN)