• Super Admin
• 06 Mar, 2026

Stakeholders in the Insurance industry have called for coordinated reforms to deepen penetration in the sector. The experts made this call at the Insurance Sector Transformation Consultative Forum 2026, a landmark industry gathering aimed at accelerating reforms, rebuilding consumer trust, and unlocking the full potential of Nigeria's insurance industry. Tokunbo Abiru, chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, said, "We just passed the Nigeria Insurance Industry Reform Act, which is a piece of legislation that has been signed into law by the President to enhance the operations of insurance in the country. The law is to modernise and improve all of the pieces of legislation that relate to insurance in this country. "So the essence of this gathering, to me, goes beyond putting the law in place but to now begin to implement the legislation, and that is the only way you can move the insurance industry forward. Implementation can best be achieved if we have cooperation and collaboration among all the players in the industry, and we have to thank EnterpriseNGR for leading this advocacy." The event themed, "Driving Collective Advocacy for the Transformation of Nigeria's Insurance Industry" was convened by EnterpriseNGR in collaboration with the Nigerian Insurers Association (NIA) and the Lagos Chamber of Commerce and Industry (LCCI), Aigboje Aig-Imoukhuede, chairman of EnterpriseNGR disclosed that they remain committed to driving the transformation of the Nigerian economy through the activities of banking, insurance, asset management, accounting, law, and fintech. "The greatest source of growth for any economy is investment, and the lever through which that growth is achieved is the financial and professional services sector. So we want to have a vibrant financial and professional services sector. One of the most important professions and services across the world is insurance, and that is why we are focused on the insurance subsector at this time. "The whole idea is to achieve a level of relevance of insurance in the economy that is higher than what it is today. Right now, we are under one percent penetration in terms of insurance-to-GDP ratio. Some countries are at three percent, others at 11 percent. So if we grow from where we are today to three percent, that is tripling the sector, and if we go to 11 percent, that is ten times growth. The effect on the overall economy will be tremendous." Read also: Insurance and ESG: Managing environmental risk smarter Also speaking, Olusegun Omosehin, commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, disclosed that the transformation of the insurance sector is no longer optional but has to commence given the ambition of President Bola Tinubu in the direction of the transformation of the Nigerian economy, the "Given the level of work that has been done at the regulatory end, it then becomes obvious that we needed a platform for collaboration across all stakeholders in the financial services and professional ecosystem to ensure that the desired transformation is given meaning. There is no nation on this planet that can successfully transit to that level of growth without the resilience required from the insurance sector." On their part, the President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori; the Director-General of the Nigerian Insurers Association, Bola Odukale; the Chief Executive Officer of EnterpriseNGR, Obi Ibekwe; and other stakeholders underscored the importance of collective action across regulators, policymakers, insurers, brokers, and other stakeholders to address structural barriers limiting insurance penetration and strengthen the sector's contribution to Nigeria's economic development. They emphasised the need for stronger collaboration between industry stakeholders, professional bodies, and academic institutions to build a future-ready workforce while reinforcing ethical standards and continuous professional development across the sector. According to Odukale, "The talks about collaboration are very important because we are transitioning in terms of reforms, like the NIRA Act 2025, which is going to transform our market. So when we are talking about transformation, you actually need people that you will collaborate with. You can't do everything just by yourself. "For us as an industry, collaboration is key and this is very important to us. We believe it is going to have a lot of impact on the ability to deepen insurance penetration in Nigeria and also for our industry to continue to give value to the insuring public." Participants at the forum also examined the key factors responsible for the low adoption of insurance products in Nigeria, including limited consumer awareness, trust deficits driven by claims disputes, and inefficiencies in customer experience. They also highlighted the need for greater transparency in claims management, improved consumer education, and stronger industry-wide service standards to rebuild trust and expand market penetration across retail, MSME, and corporate segments. Participants further explored how innovation, technology, and digital transformation can significantly expand insurance access. The discussions also highlighted the importance of strengthening human capital within the insurance industry, particularly in areas such as actuarial science, digital capabilities, and advanced risk management. Stakeholders at the event also considered the broader economic role of the insurance sector and its potential to mobilise long-term capital to support national development priorities including infrastructure, agriculture, healthcare, energy, and the digital economy. Participants emphasised that a stronger and more resilient insurance industry could play a critical role in financing long-term investment, supporting economic diversification, and strengthening financial system stability. Source: https://businessday.ng/companies/article/insurance-industry-stakeholders-seek-coordinated-reforms-to-deepen-penetration/