By Onu Okorie
The Commissioner for Insurance and Chief Executive of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has called on stakeholders across Nigeria’s insurance sector to embrace reform, deepen public trust, and harness technology to unlock the industry’s vast potential.
Speaking at the opening ceremony of Insurance Week 2026, Omosehin acknowledged that despite insurance being a critical risk management tool, widespread public mistrust and poor awareness continue to limit its impact. “Without awareness, there can be no demand. Without understanding, there can be no trust. And without trust, sustainable growth cannot be achieved,” he declared.
The Commissioner identified a long-standing disconnect between insurers and their customers as a key challenge, noting that the industry had historically been criticised for selling products consumers neither understood nor needed. He urged insurers to abandon product-centric models in favour of customer-driven approaches, actively involving policyholders in product design to improve relevance, accessibility, and confidence.
Omosehin also stressed the need to simplify insurance documentation and improve transparency around claims processes, describing the claims experience as the industry’s “moment of truth.” He warned that delays and perceived unfairness in claims settlement erode trust and undermine the sector’s credibility.
On the regulatory front, the Commissioner highlighted the passage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a landmark development. The Act, he said, introduces stronger consumer protections — including an Insurance Policyholders’ Protection Fund — alongside tighter corporate governance standards and an enabling environment for innovation and market expansion. However, he cautioned that legislation alone would not drive transformation. “The true impact of NIIRA 2025 will depend on how effectively we implement its provisions,” he said.
Technology also featured prominently in his address. Omosehin pointed to insurtech solutions, data analytics, and digital platforms as powerful tools for expanding access and improving efficiency — particularly for rural communities and informal sector participants. He nonetheless warned that digital innovation must be deployed responsibly, with data privacy and cybersecurity remaining central concerns.
Calling for collective industry action, the Commissioner urged insurers, brokers, agents, and policymakers to treat reform as a continuous journey rather than a one-time achievement.
“The Nigerian insurance industry holds immense potential — not only as a key component of the financial services sector but also as a catalyst for national growth,” Omosehin concluded.