Protocol!
It is both an honour and a privilege to address this distinguished gathering at yet another
edition of Insurance Week an event that has progressively evolved into a vital platform for
engagement, reflection, and constructive feedback within Nigeria’s insurance industry.
Insurance Week is far more than a ceremonial occasion. The array of activities outlined for this
year demonstrates the industry’s clear intent to engage more closely with the market, listen to
the voices of customers, and foster stronger relationships with all stakeholders. It provides us
with a unique opportunity to assess our progress, confront persisting challenges, and, most
importantly, renew our collective commitment to building a resilient, inclusive, and trusted
insurance ecosystem.
As we convene this year, it is important to reflect on the central message of last year’s
Insurance Week, where we emphasized the urgent need to deepen public engagement and
strengthen trust in insurance. That message remains as relevant today as ever. Indeed, given
the increasing complexity of today’s economic and risk environment, the need to bring
insurance closer to the people has become even more compelling.
At the National Insurance Commission (NAICOM), we regard public awareness not as a
peripheral activity but as a core strategic priority. The success of insurance in any economy is
fundamentally anchored on the level of public understanding, trust, and acceptance. Without
awareness, there can be no demand. Without understanding, there can be no trust. And
without trust, sustainable growth cannot be achieved.
Despite the inherent value of insurance as a critical risk management tool, insurance
appreciation remains best parameter for measuring its impacts. A major contributor to
observable gaps in the desired impacts is the persistent lack of adequate public understanding
of insurance products, processes, and benefits. This reality underscores the need for a more
deliberate and strategic approach to public engagement.
We must therefore rethink and reposition our communication strategies. Public awareness
campaigns must move beyond generic messaging and evolve into more targeted, relatable, and
sustained initiatives. We must communicate in languages people understand, through
platforms they trust, and using real-life scenarios that resonate with their everyday
experiences.
It is not enough for people to simply know that insurance exists—they must understand how it
works, why it matters, and how it can protect their lives, assets, and aspirations.
To this end, the Commission has continued to champion initiatives that promote financial
literacy, consumer education, and transparency. We are leveraging strategic partnerships,
engaging diverse stakeholders, and deploying innovative communication channels to reach
underserved communities, small businesses, and emerging segments of the economy.
However, achieving meaningful and lasting impact requires collective action. Public awareness
cannot and should not be the sole responsibility of the regulator.
I must therefore emphasize that insurers have a pivotal role to play in reshaping public
perception and strengthening confidence in our industry.
Historically, one of the recurring criticisms of the insurance sector has been the perceived
disconnect between product offerings and the actual needs of policyholders; where there is a
perception that insurance Companies only sell what has been produced, rather than producing
what can be sold. This, in itself, is an attempt to differentiate between marketing and selling.
This perception must change, and that change must begin with how products are conceived,
designed, and delivered.
Insurers must deliberately transition from a product-centric approach to a customer-centric
model. This entails actively involving clients in the product development process seeking their
input, understanding their expectations, and designing solutions that align with their real-life
needs.
When clients are actively engaged in product design, several positive outcomes emerge.
Products become more relevant and accessible, pricing structures have become more
acceptable, and, most importantly, trust and ownership are significantly enhanced.
By designing products that cater to strategic sectors, entrenches an attempt to deliberately
align and contribute meaningfully to economic development whilst expanding its reach and
relevance. Of importance is the need to support infrastructure development, agriculture, and
the growth of micro, small, and medium enterprises (MSMEs).
In the same vein, there is a critical need to simplify insurance documentation and
communication. Insurance must not be perceived as opaque or overly complicated, it must be
transparent, straightforward, and easy to navigate.
Equally important is the need to improve policyholders’ understanding of claims processes. The
claims experience is widely regarded as the “moment of truth” in insurance. It is the point at
which the promise of insurance is either fulfilled or undermined.
Insurers must therefore ensure that policyholders are well-informed about claims procedures
from documentation requirements to timelines and expectations. Delays, ambiguities, or
perceived unfairness in claims settlement not only erode trust but also weaken confidence in
the entire system.
By strengthening communication, improving service delivery, and prioritizing fairness, insurers
can significantly bridge the trust gap and reinforce the credibility of the industry.
The passage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 represents a defining
milestone in the evolution of our industry. It is not merely a legislative update; it is a
comprehensive reform framework strategically designed to reposition the Nigerian insurance
sector for sustainable growth, enhanced competitiveness, and increased public confidence.
NIIRA 2025 introduces far-reaching provisions aimed at strengthening regulatory oversight,
improving corporate governance, and enhancing policyholder protection. It reflects a forward-
looking approach that aligns with global best practices while addressing the specific realities of
the Nigerian market.
One of the most significant features of the Act is its emphasis on consumer protection.
Mechanisms such as the Insurance Policyholders’ Protection Fund provides a structured safety
net, ensuring that policyholders are protected even in cases of insurer distress or insolvency.
This is a critical development, as confidence in any insurance market is built on the assurance
that policyholders’ interests are safeguarded under all circumstances. NIIRA 2025 provides
assurance and reinforces the integrity of the system.
The Act also creates an enabling environment for innovation, operational efficiency, and market
expansion. By strengthening capital requirements, enhancing supervision, and promoting
transparency, it lays the foundation for a more robust and resilient insurance industry.
However, legislation alone does not guarantee transformation.
The true impact of NIIRA 2025 will depend on how effectively we implement its provisions and
sustain the momentum of reform. As regulators, we remain committed to ensuring diligent and
consistent enforcement of the Act. We will continue to strengthen our supervisory frameworks,
deepen engagement with industry operators, and uphold the highest standards of
accountability.
Sustaining reform momentum, however, requires more than regulatory action. It demands a
shared commitment across the entire ecosystem insurers, brokers, agents, policymakers, and
all relevant stakeholders.
We must resist the temptation to treat reform as a one-time achievement. Instead, it must be
viewed as a continuous journey, one that requires continuous innovation, adaptation, and
improvement.
Industry operators must embrace not just the letter, but the spirit of the reform. Compliance
should be seen not as an obligation, but as an opportunity to elevate standards, improve
performance, and build lasting trust.
Another critical dimension is the role of technology in driving transformation within the
insurance sector. Digital platforms, data analytics, and emerging technological innovations
present unprecedented opportunities to enhance efficiency, improve customer experience, and
expand access to insurance services.
Insurtech solutions can simplify onboarding processes, streamline claims management, and
improve risk assessment. They also offer the potential to bridge geographic and socio-economic
gaps, making insurance more accessible and affordable.
However, technology must be deployed responsibly. It must enhance trust, not undermine it.
Issues of data privacy, cybersecurity, and ethical responsibility must remain central to our
digital transformation agenda.
Furthermore, we must ensure that innovation is inclusive. Rural communities, informal sector
participants, and vulnerable groups must not be excluded from the benefits of technological
advancement.
The future of Nigeria’s insurance industry rests in our hands as practitioners. We stand at a
defining crossroad—a moment, charged with opportunity, laden with responsibility, and
demanding decisive action. Let us rise to it with deliberate purpose: to raise our voices,
proclaim our worth, give voice to our relevance, and break the silence that has held us back.
We must elevate public awareness to a national priority. We must deepen collaboration across
the industry. We must strengthen accountability and transparency. And above all, we must
remain steadfast in our commitment to reform.
Let us also remember that trust is not built overnight. It is earned through consistent actions,
dependable service, and unwavering integrity. Every policy issued, every claim settled, and
every client interaction contributes to the public perception of our industry.
As we proceed with the activities of this year’s Insurance Week, I encourage all stakeholders to
engage actively, share meaningful insights, and commit to actionable outcomes. Let us move
beyond dialogue and focus on implementation.
In closing, I reiterate that the Nigerian insurance industry holds immense potential not only as a
key component of the financial services sector but also as a catalyst for national growth and
development.
Let us seize the opportunities presented by ongoing reforms. Let us sustain the momentum we
have built. And let us work together to create an insurance sector that is inclusive, innovative,
and globally competitive.
Thank you for your attention, and I wish you all a successful and impactful Insurance Week.
Olusegun Ayo Omosehin
Commissioner for Insurance, Nigeria/ Chief Executive NAICOM
