Insurance Facts & Updates

A.P.R.I.L
Advantages Promoted Reproduces Institutional Legacies

One of the advantages of hearing, listening to and reading a great speech, message and statement repeatedly or regularly is the kick it gives you to identify and seize the advantages for yourself, family, business and society.

Have you, yes YOU, yet considered the advantages (unique opportunities) that the 8-month old Nigerian Insurance Industry Reform Act (NIIRA) 2025 has for you?

It is possible you have not read NIIRA2025; you have read NIIRA2025 but have not understood the advantages NIIRA2025 holds for you and yours.

YOU should not deny yourself and relationships the lifetime opportunity NIIRA2025 offers. It may interest you to know that the last time a modern and transformational document on insurance offered Nigerians so much was about four decades ago!

This next set of advantages (unique opportunities) would certainly last much longer, but the best time to seize them is NOW!

Let's consider the advantages (unique opportunities) NIIRA2025 has for three (3) types of Nigerians and those who live/work in Nigeria, namely:
1. Those without insurance;
2. Those insured; and
3. Those involved in insurance business

Interestingly, the categories indicated above have no biases against age, gender, class, literacy, religion, culture, status, power, influence or prosperity.

The key advantage (unique opportunities) of NIIRA2025 for "Those Without Insurance" is the expansion of the compulsory classes of insurance from 7 to 13! If compliance is full or complete, no Nigerian or resident should suffer any loss or damage, or even death, without due compensation. This is because on the roads, air, or seas, and in buildings or public spaces, NIIRA2025 requires the owners and occupiers to insure their properties and protect the users. YOU are still protected, thanks to NIIRA2025. There is more...

For "Those insured", the key advantages (unique opportunities) are numerous and multiplying. From ensuring that the licensed insurance operators are financially sound, digitally geared, customer sensitive and focused on claims payments, NIIRA2025 is securing the insurance ecosystem to your advantage. Insurance experiences are bound to be refreshing and impactful. There is more...

Key advantages (unique opportunities) that NIIRA2025 has for "Those involved in insurance business" are the expansion and diversification of the insurance ecosystem, digitisation, and strengthening of regulatory oversight. Given the unhealthy experiences of previous years, NIIRA2025 empowers the insurance regulator to collaborate with capable authorities nationally and enforce the adoption of insurance towards the realisation of the 2030 Vision for a One Trillion Dollar Economy by the present administration. There is more...

Are you ready to engage with the insurance industry leveraging the advantages (unique opportunities) NIIRA2025 offers?

My Advice: Start the conversation now that you think you do not need to get insured or involved. Remember, insurance is that product which gives you a solution when you least expected because you bought it when you least needed it.




Assuredly yours,
Ekerete Ola Gam-Ikon

ILAN Leadership Visits NAICOM, Expresses Appreciation; Calls for Enhanced Training, Collaboration, and Stronger Market Compliance

The leadership of the Institute of Loss Adjusters of Nigeria (ILAN), led by its President, Pastor Ikechukwu Udobi, paid a courtesy visit to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at the National Insurance Commission (NAICOM).

Speaking on behalf of the Institute, the President expressed profound gratitude to the Commission and the Commissioner for Insurance for the successful revision of the Loss Adjusters’ Scale of Fees—an achievement he described as a significant milestone toward revitalizing the profession after decades of stagnation.

The ILAN President further emphasized the need for enhanced training and continuous capacity-building programmes, especially in specialized areas such as energy, oil & gas, and special risks. According to him, these efforts are crucial to elevating Nigerian loss adjusters to international standards. He also advocated for stronger collaboration between foreign and Nigerian loss adjusters to deepen knowledge-sharing and industry development.

Pastor Udobi stressed the importance of strict compliance with extant laws, regulations, and market guidelines, urging NAICOM to ensure that all market operators fully comply with statutory requirements in their operations. He also appealed for the Commission’s support in securing a befitting secretariat for ILAN to strengthen the Institute’s administrative capacity.

Responding, the Commissioner for Insurance, Mr. Omosehin, welcomed the ILAN delegation and expressed appreciation for the visit. He assured them of the Commission’s commitment to supporting every segment of the insurance industry as part of the broader transformation agenda. The CFI emphasized the need for professionalism and ethical conduct in the discharge of loss adjusting responsibilities, noting that adjusters play a critical role as the bridge between policyholders’ expectations and their satisfaction.

The meeting also underscored the importance of strict adherence to the Code of Conduct and Professional Ethics for Loss Adjusters to enhance the credibility and quality of practice within the profession.

OPENING REMARKS BY THE COMMISSIONER FOR INSURANCE AT THE 2025 STAKEHOLDERS RETREAT OF THE HOUSE COMMITTEE ON INSURANCE AND ACTUARIAL MATTERS WITH THE THEME: “NAVIGATING THE NEW ERA OF INSURANCE REGULATION – UNDERSTANDING THE NIGERIAN INSURANCE INDUSTRY REFORM ACT 2025”.

Protocol

It is with great honour and a deep sense of responsibility that I welcome you all to this strategic retreat convened by the House of Representatives Committee on Insurance and Actuarial Matters in collaboration with the National Insurance Commission. We are especially privileged to hold this retreat in Maiduguri, Borno State, a region that continues to demonstrate resilience and renewal under the visionary leadership of His Excellency, Governor Babagana Umara Zulum, the Executive Governor of Borno State.

Your Excellency, we commend your administration’s bold strides in rebuilding infrastructure, expanding access to healthcare, and promoting inclusive development. The insurance sector stands ready to partner with your government in deepening risk protection for public assets and supporting agricultural resilience.

I must also express my sincere appreciation to Hon. Ahmadu Usman Jaha, Chairman of the House Committee on Insurance and Actuarial Matters. Hon. Jaha, your leadership has been instrumental in advancing the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and fostering a culture of stakeholder engagement and legislative foresight.

Insurance-Agriculture Cooperation: A Strategic Imperative

Agriculture remains the backbone of Nigeria’s rural economy and a vital pillar of food security. Yet, it is also one of the most vulnerable sectors, exposed to climate shocks, pest outbreaks, and market volatility. Insurance offers a powerful tool to de-risk agriculture and empower our farmers.

Recent impact statistics show:

-Over 1.47 million smallholder farmers have been covered under NIRSAL’s agricultural insurance schemes, with a target of 3.6 million by 2026.
-In Q2 2025, 250,000 farmers were insured across eight states under federal initiatives. -Statistics has it that in North Central Nigeria, insured rice farmers recorded 11% higher productivity than their uninsured peers, averaging 20 bags/hectare compared to 18 bags/hectare.

Successful programs include:

-Kaduna ginger farmers received payouts under the NAGS-AP scheme after suffering over 90% crop loss.
-Livestock and encroachment insurance in Sokoto, Bauchi, Adamawa, and Plateau States are reducing farmer-herder conflicts.

Under NIIRA 2025, NAICOM aims to:

-Expand index-based and parametric insurance for crops and livestock
-Promote bundled insurance products with inputs and credits
-Create a platform of collaboration for operators to Partner with tech firms and agribusinesses to scale digital insurance delivery
-Work with state governments to embed insurance into agricultural extension services

The theme of this retreat, “Navigating the New Era of Insurance Regulation:

Understanding NIIRA 2025”, reflects our collective commitment to building a modern, inclusive, and resilient insurance ecosystem. NIIRA 2025 consolidates decades of fragmented legislation into a coherent framework that empowers regulators, protects consumers, and fosters innovation.

This retreat offers a unique opportunity to:

-Deepen understanding of NIIRA 2025’s provisions and implications

-Strengthen collaboration between legislators, regulators, and industry players

-Explore strategic partnerships with state governments in providing appropriate insurance cover for Govt Asset, agriculture, and infrastructure

Your Excellencies, NIIRA 2025 is not just about regulation; it is about reimagining the role of insurance in our economy. The new legislation sets out to:
-Modernise our frameworks in line with international standards.
-Safeguards consumers via stronger disclosure, claim handling, and a Consumer Protection Fund.
-Promote ethical conduct, transparency, and sound market practices through stronger governance and oversight.
-Strengthened compulsory insurance to protect lives and property.
-Broaden financial inclusion with microinsurance and Takaful.
-Strengthened the financial health of insurance companies.
-Push digitalisation for greater access, transparency, and trust.

In summary, this Act is a chance to shift insurance from being a niche service to being a pillar of Nigeria’s economic stability.

Breaking Down the Key Areas
1. Compulsory Insurance Enforcement

The gaps in compliance with the compulsory classes, such as Motor Third Party, Builders’ Liability, Group Life, Health, represents inadequate protection of citizenry and loss of revenue. NIIRA 2025 significantly strengthens the enforcement framework for Nigeria's compulsory insurance categories. The Act introduces robust enforcement provisions, including clearer penalties for non-compliance and mechanisms for verification.A key addition is the mandatory insurance coverage for government assets and employees, ensuring better protection of public resources and aiming to increase premium volume while setting a compliance framework. Legislative support is nevertheless essential in ensuring compliance by States and Agencies.

2. Agriculture and Climate RiskNigeria loses billions annually to floods, drought, and other climate shocks. Yet only a few of our farmers have insurance. With your support in budget appropriations and subsidies, we can de-risk agriculture sector, protect livelihoods, and strengthen food security. Disasters and accidents shouldn’t always drain public funds. With insurance, government can redirect resources to pressing priorities, hence insurance reduces fiscal burden.

3. Infrastructure and Public AssetsEvery year, billions are spent on roads, housing, schools, and hospitals. Without insurance, one disaster can erase years of investment. With enforcement, government’s emergency expenditures can drop by up to 40%, freeing resources for other priorities like education and health. Insurance is a source of long-term capital. With stronger premiums, insurers can fund infrastructure bonds, housing, and industry.

4. Financial Soundness of InsurersThe Act introduces stricter capital and solvency rules which is geared towards strengthening insurers, mobilising funds/investments in infrastructure and industrial growth, and increasing insurance pe*******on in Nigeria.

5. Digitalisation and Consumer ProtectionTrust has been a challenge in our market. Delayed claims discourage participation. By mandating digital processes, the Act introduces transparency and efficiency. Digital distribution is a framework for mobile and digital solutions to eliminate geographical barriers and reduce transaction costs. But to succeed, there is need for collaboration and alignments with laws on data protection and cybersecurity, and many others.

The Act also establishes a comprehensive consumer protection framework, prominently featuring Policyholder Protection Fund. This fund acts as a vital safety net, ensuring that valid claims are honoured even if an insurer faces insolvency, thereby protecting policyholders from financial loss.

6. We are also optimistic that the new legislation will bring millions of Nigerians into the financial safety net through its financial Inclusion provisions.
-Microinsurance offers a Simplified, affordable products for low-income individuals with flexible payments and reduced documentation to increase accessibility.
-Takaful is a Shariah-compliant alternatives based on mutual protection, expanding access for religiously sensitive populations.

Why Legislative Support Matters

Honourable legislators, the law has been passed, but now the real work has only just started. For this Reform Act to succeed, we request that your committee respectfully:

1. Exercise oversight to ensure MDAs comply with compulsory insurance.
2. Provide budgetary support.
3. Drive awareness and advocacy in your constituencies.
4. Facilitate harmonization of state policies with federal frameworks.

Without your backing, compliance will remain weak, and the promise of this law may not be realised. Let us seize this moment to build a future where insurance is not just a policy document, but a promise of security, resilience, and shared prosperity. Let us align our efforts, legislative, regulatory, and operational, to ensure that NIIRA 2025 delivers on its transformative potential.

Closing

In closing, let me be clear: insurance is not just about premiums and claims. It is about protecting lives, preserving government resources, and building an economy that can withstand shocks.

NIIRA 2025 positions Nigeria's insurance sector for sustainable growth, enhanced consumer protection, and international competitiveness. We must therefore collectively commit to the successful realisation of the potentials and benefits of NIIRA 2025.

On behalf of NAICOM, I pledge our full commitment to this journey. Together, we can chart a course that positions Nigeria’s insurance industry as a cornerstone of our $1 trillion economic ambition.

Once again, I welcome you all to Maiduguri, and to what promises to be a retreat of substance, strategy, and shared vision. May our deliberations be fruitful, our partnerships enduring, and our outcomes impactful.

Thank you, and God bless the Federal Republic of Nigeria.

NAICOM, NCRIB Pledge Stronger Collaboration to Deepen Insurance Awareness

The Commissioner for Insurance (CFI), Mr. Olusegun Ayo Omosehin, has reaffirmed the National Insurance Commission’s (NAICOM) commitment to strengthening collaboration with the Nigerian Council of Registered Insurance Brokers (NCRIB) to enhance compliance, consumer protection, and broader insurance awareness across the country.

Mr. Omosehin gave the assurance when he received a delegation from NCRIB, led by its President, Prince Babatunde Oguntade, alongside the incoming President and incumbent Vice President, Mrs. Ekeoma Ezeibe, at the Commission’s headquarters in Abuja.

Welcoming the delegation, the Commissioner commended the Council for its sustained partnership with NAICOM and applauded its role in advancing industry compliance and professionalism. He congratulated Prince Aguntade, Mrs. Ezeibe, and Mr. Tope Adaramole, appreciating their contributions towards strengthening consumer protection and broker engagement.

The CFI further congratulated NCRIB on the successful passage of the Nigerian Insurance Reform Act (NIIRA) 2025, stressing that enforcement remains the real task ahead. He assured the Council that NAICOM would continue to rely on its collaboration to achieve effective implementation.

Highlighting industry priorities, Mr. Omosehin emphasized the need to expand insurance awareness, improve competence across the market, and ensure operators align with the Digitalization Regulation 2025.

In his address, Prince Oguntade explained that the visit was aimed at formally introducing the incoming President and appreciating NAICOM’s guidance during his tenure. He noted that operators are now more willing to comply because they have been carried along in the process. On recapitalization, he added: “A stronger market is a healthier market.” He further revealed that NCRIB is working towards building a hub to promote ethical responsibility, while thanking the Commissioner for Insurance for his pragmatic leadership.

He also disclosed that the induction of Mrs. Ezeibe as President has been scheduled for October 24, 2025, extending an official invitation to the Commissioner for Insurance.

In her remarks, Mrs. Ezeibe, the incoming President, pledged to sustain the cordial relationship between NCRIB and NAICOM, while commending the Commissioner for his support and collaboration in building the insurance industry.

In conclusion, Mr. Omosehin expressed gratitude to the outgoing President for his commendations, congratulated the incoming President, and called for deeper collaboration in building a vibrant insurance industry that stakeholders and Nigerians at large can be proud of.

NAICOM and FinTech Association of Nigeria Collaborate to Accelerate InsurTech Development

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin yesterday September 9, 2025 met with the FinTech Association of Nigeria to discuss strategies for driving digital transformation in the Nigerian insurance sector. The meeting highlighted a shared vision to revolutionize the insurance landscape through technological innovation, collaboration, and strategic partnerships.

The FinTech Association, led by Segun Aina, Africa FinTech Network President, expressed its commitment to supporting NAICOM's efforts to modernize and expand the insurance ecosystem. NAICOM, on its part, reaffirmed its dedication to rebuilding public trust through transparent digital solutions and protecting policyholders' interests.

The Commissioner emphasized the importance of digital adoption across the insurance industry and stressed his commitment to positioning the sector at the forefront of digital transformation. Both parties agreed on the need for continuous engagement and collaboration to achieve the Commission's goals under the new administration.

NAICOM and NESG Forge Partnership to Drive Economic Growth through Insurance Sector Reforms

Abuja, Nigeria - September 9, 2025 - The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, received a delegation from the Nigerian Economic Summit Group (NESG) on a courtesy visit today. The Commissioner expressed delight at the meeting, highlighting the long-overdue collaboration between NAICOM and NESG.

During the meeting, Mr. Omosehin underscored the insurance sector's critical role in Nigeria's economic growth and development. He briefed the delegation on key sector developments, notably the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, which consolidates outdated laws and introduces landmark reforms.

The Commissioner called for enhanced collaboration between NAICOM and NESG on strategic initiatives, including data sharing, financial inclusion expansion, and the establishment of an insurance working group within NESG. He also emphasized the need to raise public awareness about the insurance sector's vital contribution to economic growth.

NAICOM reaffirmed its commitment to protecting insurance consumers, ensuring transparency, and providing efficient insurance services that support Nigeria's economic development. Both organizations agreed to continue working together to transform the insurance landscape and drive economic opportunities for Nigerians.

Be informed!

HOW I MET "INSURANCE" AS A YOUTH AND THE LESSONS FOR YOUNG NIGERIANS

I was in my mid-20s with a gentleman's Bachelor of Science Degree in Economics from one of Nigeria's finest universities when I met "Insurance."

It was not attractive then, as it isn't now. I wanted to be in a bank or a finance house, where all the nice suits and skirts were. It's just the same way youths today want to be in the digital space or cloud, where all the socials are hidden; at least so you (youths) believe.

Some things will remain the same in spite of the differences in time and space, for example:
- YOU will forever be the first three letters in YOUTH
- A youth will certainly become a storyteller and content provider for the next generation
- Disruption will ever be the currency of youths

The "Insurance" I met did not understand my youthful energy, restlessness, and hunger for relevance. It was conservative despite the presence and involvement of Nigeria's billionaires in the sector at that time. I was always excited to be on Marina, Lagos, where the high and mighty strolled out for lunch in waterfront restaurants.

The challenges of low awareness and poor claims settlement that you (youths) hear about insurance today existed then, too. I considered that if "Insurance" was going to be my friend, I would invest in it. I chose to give it my greatest asset - time!

Let me, therefore, share some of the lessons you (youths) need to know, note, and apply:
1. Insurance offers multiple opportunities for the best future imagined
2. As a young professional (youth) in the insurance industry, your work exposes you (youths) to the top echelon of other sectors. Risk management and insurance are issues for leaders everywhere
3. As a young insurance policyholder (youth), you (youths) are sought-after and preferred by insurance providers because of your long-term value to their business growth. Position and engage NOW
4. As an investor in insurance, you (youths) enjoy the privilege of being part of those securing the future of other youths. Specifically invest in tech solutions that address the challenges of the sector, and watch your portfolio grow
5. As a young insurance manager in an organisation that complies with mandatory insurance laws, you (youths) ensure employees have the necessary insurance coverage to compensate them and/or their families in the event of accidents and other unforeseen occurrences. Seek to confirm your coverage
6. As a young professional in a regulatory environment, you (youths) seize every opportunity to enlighten and educate the public about your laws, regulations, and guidelines. This calls for you (youths) to understand the subject matter enough to tell others
7. As a young professional in the non-insurance sector, you (youths) have a duty to know and invest in what would make them outstanding in their endeavours. The taste of insurance is in the relief it provides when all else fails.

Some of the leading insurance brands you (youths) see today were started from scratch by persons in their youth stage of life. The energy was unbelievable and elastic.

Nigerian Insurance Industry Reform Act (NIIRA) 2025, thus, presents the best opportunity for Nigeria to have the revolutionary mien that I saw of the insurance sector in my youth. I believe it can happen again, but this time, through more innovation than enterprise, and more collaborations and partnerships than ownership.

My "Insurance" taught me hard lessons, but I persevered, and with what I know today, all I needed to do as a youth was to seize all of the multiple opportunities it offered.

I, therefore, invite you (youths) to seize this moment enabled by NIIRA2025 to do with and through insurance what many are either unaware (ignorant) of or avoiding due to poor knowledge of the benefits.

Are you aware of the "One Million Youths in Insurance Initiative" launched by the Federal Ministry of Youth Development in partnership with the National Insurance Commission (NAICOM)? It is probably the biggest preparation that the opportunities in NIIRA2025 would meet, and the outcome is best imagined.

Don't let anyone's story make you (youths) miss what could make your story unique and impacting.

You need the company of "Insurance" to stay financially disciplined, socially protected, and economically relevant to enjoy the emergent world, where the only constant is uncertainty.

Assuredly Yours,
Ekerete Ola Gam-Ikon




✅️
Making Insurance Work in Nigeria

What Exactly is Insurance?

When most people hear the word insurance, they either think it’s complicated, unnecessary or “something for the rich.” But the truth? Insurance is one of the smartest financial shields anyone, rich or not, can have.

At its core, insurance is a promise of protection. It’s a system where you pay a small amount regularly (called a premium), and in return, you’re covered against bigger unexpected losses.

Think about it this way:

You don’t buy insurance because you plan for accidents, sickness, or loss…

You buy it because life is unpredictable, and when storms come, it’s better to have a safety net than to start from zero.

✅ Example: If you insure your car and an accident happens, instead of emptying your savings to repair or replace it, your insurance steps in.
✅ Example: If you have health insurance, a hospital bill that could wipe your account is greatly reduced or fully covered.

In simple terms: Insurance = Peace of Mind.

It doesn’t stop problems from happening, but it ensures you don’t face them alone.

As we we go further in this, you’ll learn the types of insurance, why they matter and how even small policies can protect your dreams.

✨ Lesson for Today: Insurance is not a luxury, it’s a necessity for anyone who values their future. So embrace it today.

Nengi Pengi
02/09/2025

Today's fact about insurance👇

WHAT AUGUST TOLD SEPTEMBER ABOUT INSURANCE, NIIRA2025, AND YOU

Expectations are great to have, but only those who are prepared for them enjoy the results and impacts. Be prepared!

So, says, "September, I received the Nigerian Insurance Industry Reform Act 2025 and saw the emotional outbursts of the Nigerian people, mostly in the stock market, and across the social media. No one was left behind! Or were you?"

"Quite loudly, I received all the news analyses, reviews, impressions, and clarifications deserving of NIIRA2025 and can now tell you, my friend, colleague, and associate, September, what to expect."

- Led by the regulator, the National Insurance Commission (NAICOM), the insurance industry in Nigeria is working, amidst high expectations, to co-create a desirable tech-driven environment that will promote trust and innovation. You may not know that the regulator has upgraded its website, reinforced the access to verify your vehicle policy, as well as register your complaints against licensed insurance operators. Check now: www.naicom.gov.ng
- The Commission, led by the Commissioner for Insurance and CEO, Mr. Olusegun Ayo Omosehin visited the DG of Securities and Exchange Commission, the Registrar General of Corporate Affairs Commission, and will go to more agencies with critical roles to seek relief and cooperation towards a seamless transition for all insurance stakeholders, including YOU. Be deliberate about staying informed this month.
- Quite a number of glocal insurance events are set to happen near you, and with your phone, you can follow them to know more about what I call "The Promises of NIIRA2025"
- Opportunities abound in the emergent NIIRA2025 ecosystem for investors, innovators, and professionals with skills sets that grow and scale platforms in the digital and artificial intelligence era. What can you or someone you know do with all these highlights?
- The real insurance experiences have only just started, and this is the right time to create the right mindset to be in the right position when anything or something goes wrong. Don't live in fear when you can hear.



🇳🇬 Making Insurance Work in Nigeria
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