NAICOM Launches Implementation Working Groups To Advance Insurance Sector Reforms

The National Insurance Commission (NAICOM) has taken steps toward transforming the nation’s insurance landscape with the launch of a comprehensive Implementation Strategy for the National Insurance Industry Reform Agenda (NIIRA) 2025.

At a high-level Strategy Meeting held in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, inaugurated three core working groups to drive the structured and coordinated execution of NIIRA’s objectives across the insurance value chain.

The NIIRA 2025 signed into Law earlier this year sets out a holistic roadmap for regulatory reform, financial inclusion, digital transformation, and compulsory insurance enforcement.

Its implementation aims to align Nigeria’s insurance industry with international standards while improving public confidence and economic resilience through risk protection.

Speaking during the strategy session, the Commissioner for Insurance reaffirmed NAICOM’s commitment to ensuring that the implementation phase of NIIRA is inclusive, data-driven, and results-oriented.

He emphasized that the strategy would consolidate ongoing reforms within the Commission and reposition the insurance industry as a key player in national economic growth.

“This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry. The NIIRA 2025 is not just a regulatory document—it is a blueprint for building an insurance sector that protects lives, businesses, and investments across Nigeria,” Omosehin stated.

He further underscored that the new working groups would serve as engines of reform, ensuring that critical policy objectives are translated into measurable outcomes.

The Commissioner commended stakeholders for their dedication and expressed confidence that the new implementation structure would fast-track industry-wide reforms.

He highlighted that the success of NIIRA 2025 depends on active collaboration among regulators, operators, and consumers.

“This strategy represents a shared responsibility to deliver results that will redefine the perception and impact of insurance in Nigeria. We must all see ourselves as partners in national development,” he added.