Insurers, Banks, Fintechs Unite to Deepen Insurance Coverage
By Oluwakemi Kindness Insurance operators, banks, fintech companies and regulators have agreed to strengthen collaboration aimed at driving growth, innovation and wider insurance coverage across Nigeria. The resolution was reached at the 21st Insurers Committee Meeting held in Lagos on Thursday, where stakeholders from across the financial services sector identified stronger cross-sector partnerships as key […]
NAICOM Pushes Insurance Reform, Flags Trust Gap in Sector
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 […]
Nigeria Launches Fund to Protect Insurance Customers
By Oluwakemi Kindness Millions of Nigerian insurance policyholders are set to benefit from a new protection fund designed to ensure they are not left stranded if insurers fail. The development on friday followed the inauguration of the Insurance Policyholders Protection Fund (IPPF) Committee. The IPPF is a statutory initiative under Nigeria’s insurance reform framework aimed […]
Satellite Technology to Drive Enforcement of Compulsory Insurance in Nigeria
By Oluwakemi Kindness The Federal Government has unveiled plans to deploy satellite technology to identify buildings across the country and ensure compliance with compulsory insurance laws. The initiative follows a strategic partnership between the National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA), aimed at leveraging geospatial data and satellite technology […]
NAICOM, UNDP Partner to Expand Climate Risk Insurance
By Oluwakemi Kindness The National Insurance Commission () and the United Nations Development Programme (UNDP) have deepened collaboration aimed at expanding climate risk insurance, strengthening disaster resilience, and improving insurance penetration in Nigeria. This followed a courtesy visit by a UNDP delegation to NAICOM headquarters in Abuja, where both parties reviewed strategic areas of cooperation, […]
Nigeria’s Insurance Sector Hits ₦2.3trn Premiums, Assets Surge to ₦4.79trn
By Oluwakemi Kindness Nigeria’s insurance industry recorded a Gross Premium Written (GPW) of ₦2.3 trillion in the fourth quarter of 2025, highlighting strong growth in the sector. Data from the Research and Statistics Department of the National Insurance Commission (NAICOM), Abuja, showed that the industry posted a 47.3% year-on-year growth and about 36% quarter-on-quarter increase. […]
ECOWAS Brown Card Scheme Vital for Regional Mobility, Motorist Protection-NAICOM
By Oluwakemi Kindness The Commissioner for Insurance, National Insurance Commission, NAICOM, Olusegun Ayo-Omosehin, has described the ECOWAS Brown Card Scheme as a critical instrument for regional mobility, financial protection, and compensation for road accident victims across West Africa. Speaking on Tuesday at the 1st ECOWAS Brown Card Scheme Zonal Meeting in Lagos, Omosehin said the […]
NAICOM Reaffirms Commitment to Staff Welfare, Transparency
By Oluwakemi Kindness The National Insurance Commission (NAICOM) has reaffirmed its commitment to upholding high labour standards, prioritising staff welfare, and strengthening institutional stability, noting that a motivated workforce remains key to its effectiveness. In a statement issued on Monday, the Commission said it has sustained deliberate reforms since the current leadership assumed office, focusing […]
NAICOM, BPP Strengthen Collaboration to Enhance Regulatory Coordination
By Oluwakemi Kindness The National Insurance Commission (NAICOM) and the Bureau of Public Procurement (BPP) have moved to strengthen inter-agency collaboration as part of efforts to improve regulatory coordination across the public sector. The initiative formed the focus of a working visit by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, […]
Reps to Stop 2026 Budgets for 22 MDAs Over Lapses
By Oluwakemi Kindness The House of Representatives Public Accounts Committee (PAC) has moved to stop 2026 budgetary allocations to 22 federal Ministries, Departments and Agencies (MDAs) for repeatedly failing to account for public funds and ignoring legislative oversight. The affected agencies include the Nigerian Meteorological Agency (NiMet), Federal Housing Authority (FHA), Standards Organisation of Nigeria […]