NAICOM, NESG Unite to Drive Insurance Reform under NIIRA 2025

By Oluwakemi Kindness

The National Insurance Commission (NAICOM) has spotlighted the newly enacted Nigeria Insurance Industry Reform Act (NIIRA) 2025 as a game changer for the nation’s financial services sector.

NAICOM also described it as the foundation for growth, transparency, and consumer protection.

Commissioner for Insurance, Olusegun Ayo-Omosehin, made this known on Tuesday while receiving a delegation from the Nigerian Economic Summit Group (NESG) on a courtesy visit to NAICOM headquarters.

He said the long-overdue collaboration between both institutions would be crucial to maximising the benefits of the reforms.

Omosehin explained that NIIRA 2025 consolidates outdated insurance laws and introduces sweeping reforms aimed at strengthening regulation, improving efficiency, and driving financial inclusion.

“The insurance sector plays a critical role in Nigeria’s economic growth and development. With NIIRA 2025, we now have the legal framework to unlock its full potential,” he stated.

He called for closer partnership with NESG on strategic initiatives such as data sharing, expanding financial inclusion, creating an insurance working group, and raising public awareness about the sector’s contributions to economic growth.

NAICOM reaffirmed its commitment to consumer protection and efficient, transparent services, while both organisations pledged to deepen collaboration to transform the insurance landscape and open new economic opportunities for Nigerians.