By Oluwakemi Kindness
The National Insurance Commission (NAICOM) has urged insurers to support Nigeria’s infrastructure development through pooled funds, infrastructure bonds and risk guarantees.
The Commissioner for Insurance, Olusegun Ayo Omosehin, made the call on Wednesday at the 2026 National Insurance Brokers Conference in Abuja.
According to him, the country cannot bridge its infrastructure gap without sustainable risk management and greater participation of domestic investors.
Omosehin urged the Nigerian Council of Registered Insurance Brokers (NCRIB) and its members to build partnerships with the banking, energy, manufacturing and public infrastructure sectors to mobilise capital for national development.
He said insurance brokers could also support major projects in transportation, energy, real estate and industrial development by helping project owners and financiers identify risks and secure appropriate insurance cover.
Omosehin said the Nigerian Insurance Industry Reform Act (NIIRA) provides an opportunity to strengthen the industry’s capacity to support economic growth.
He said the law seeks to strengthen insurers’ financial positions, improve market conduct and protect policyholders.
The commissioner warned that NAICOM would strictly enforce requirements covering licensing, ethical conduct and premium remittance. He said unlicensed activities, ethical breaches and failure to remit premiums would attract serious consequences.
He also urged brokers to adopt digital platforms and insurance technology to reach more customers and improve service delivery.
According to Omosehin, the law recognises digital, electronic and web-based insurance channels, creating opportunities for brokerage firms to expand their operations.
He further called on brokers to guide infrastructure developers, contractors and financiers on compulsory insurance requirements and tailored risk protection for major national assets.
Omosehin said NAICOM would continue to promote product innovation, capital growth and market expansion while supporting professional development and discipline in the industry.
He urged conference delegates to develop practical recommendations that would strengthen the brokerage profession and position insurance as a more effective tool for infrastructure financing and national development.
