By Oluwakemi Kindness
The National Insurance Commission (NAICOM) says the success of ongoing reforms in Nigeria’s insurance industry will depend on effective implementation of the Nigerian Insurance Industry Reform Act (NIIRA 2025).
Speaking at the opening of Insurance Week 2026, the Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Ayo-Omosehins, who was represented by the Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, described the reform law as a major turning point for the sector.
NAICOM says the new law is aimed at strengthening regulation, improving corporate governance, and enhancing protection for policyholders across the country.
However, the commission warned that low public trust and poor understanding of insurance products remain major challenges limiting industry growth.
It stressed that without public confidence and awareness, the sector cannot achieve meaningful expansion.
NAICOM also raised concerns over delays and disputes in claims settlement, describing prompt claims payment as the “true test” of credibility in the insurance industry.
Operators are being urged to adopt a more customer-focused approach, rather than a product-driven model, in order to better meet the needs of policyholders.
The commission further called for simplified communication of insurance services, saying information must be clear, relatable, and accessible to everyday Nigerians.
On consumer protection, NAICOM highlighted new safeguards under NIIRA 2025 designed to protect policyholders in cases of insurer failure.
It also emphasized the role of technology and insurtech in expanding access, improving efficiency, and reaching underserved communities.
NAICOM says sustained reform, innovation, and collaboration will be key to building a stronger, more trusted, and globally competitive insurance sector.
