Policy Consistency, Governance Reforms Will Strengthen Insurance Market—Uzoka-Anite

The Minister of State for Finance, Dr Doris Uzoka-Anite, has reaffirmed that Nigeria’s insurance industry will only achieve sustainable growth through strong governance, consistent policies, inclusive innovation, and full compliance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Declaring open the 2025 Insurance Directors’ Conference on Thursday, the minister described the annual gathering as one of the most strategic platforms for shaping the future of the sector, stressing that the decisions taken by insurance leaders directly influence the economy and millions of lives.

The conference, themed “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth”, brought together key industry stakeholders and regulators.

The Minister commended the National Insurance Commission (NAICOM) and the College of Insurance and Financial Management (CIFM) for sustaining the forum and driving reforms that have strengthened professionalism and regulatory compliance.

She said the commitment of industry directors to ethical governance and transparency has helped rebuild public trust, a foundation the sector must urgently reinforce.

“Policy consistency and good corporate governance remain essential to a stable, credible insurance sector,” she said. “Strong capital positions, sound risk frameworks, and transparent operations are key to restoring and sustaining public

Describing NIIRA 2025 as a landmark reform, the minister said the act moves the industry beyond traditional regulation toward ethical, innovative, and technology-driven institutions.

According to her, the government envisions an insurance market that contributes meaningfully to GDP, mobilises long-term capital for infrastructure, and extends protection to underserved groups, including farmers, micro-businesses, transport workers, and the informal sector.

“No sustainable economic transformation is possible without a credible insurance system,” she noted.

The minister highlighted global disruptions, including digitalisation, climate change, and demographic shifts, which are redefining the insurance business model. Artificial intelligence, blockchain, and data analytics, she said, are now central to pricing, underwriting, and claims settlement.

She urged the specialised institutions offering inclusive products to focus on delivering services that will indeed catalyse and meet the needs of the financially excluded segments of the economy.”

Calling NIIRA 2025 a national mission, the minister said its success will be measured by the lives protected, jobs secured, and investments unlocked.