Lagos: Senior policymakers, regulators, and insurance industry leaders have called for coordinated reforms and stronger collaboration to unlock the growth potential of the insurance industry. The call was made at the 2026 edition of the Insurance Sector Transformation Consultative Forum, held in Lagos, with the theme: ‘Driving Collective Advocacy for the Transformation of Nigeria’s Insurance Industry’.
According to News Agency of Nigeria, the forum was convened by EnterpriseNGR in collaboration with the Nigerian Insurers Association and the Lagos Chamber of Commerce and Industry, with support from key industry stakeholders. Participants at the gathering emphasised the urgent need to rebuild public confidence in insurance, deepen market penetration, and strengthen the sector’s contribution to economic growth.
The Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Sen Tokunbo Abiru, highlighted that the recently enacted Nigeria Insurance Industry Reform Act (NIIRA) would modernise the legal framework governing the sector. He underscored that the focus must now shift from legislation to implementation, stating that ‘the essence of this gathering goes beyond putting the law in place; it is about implementing the legislation.’
Mr Aigboje Aig-Imoukhuede, Chairman of EnterpriseNGR, described insurance as a critical pillar of economic development, noting that Nigeria’s insurance penetration remained below one per cent of Gross Domestic Product (GDP). He pointed out that increasing penetration to three per cent or higher would significantly expand the sector and stimulate broader economic growth.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Mr Olusegun Omosehin, emphasised the transformation of the insurance sector as imperative to achieving the economic reform agenda of President Tinubu. He noted that regulatory reforms were already underway and stressed the need for sustained collaboration across stakeholders to drive meaningful change.
Mrs Yetunde Ilori, President of the Chartered Insurance Institute of Nigeria (CIIN), underscored the importance of collective action to address structural challenges limiting insurance adoption. She identified low consumer awareness, trust deficits arising from claims disputes, and service inefficiencies as key barriers to penetration.
The Director-General of the Nigerian Insurers Association (NIA), Mrs Bola Odukale, called for greater transparency in claims management, improved consumer education, enhanced service standards, and stronger ethical compliance to rebuild public trust. The forum also examined the role of innovation and digital transformation in expanding access to insurance products across various segments.
Stakeholders unanimously emphasised the need for modern risk-based supervision frameworks, improved regulatory coordination, and effective implementation of the reform law to ensure sustainable industry growth. They highlighted the importance of strengthening human capital development, particularly in actuarial science, digital skills, and advanced risk management.
Participants agreed that a stronger insurance industry could mobilise long-term capital to support national priorities such as infrastructure, agriculture, healthcare, energy, and the digital economy.