When a new board was inaugurated at the National Insurance Commission (NAICOM) in April 2024 by President Bola Ahmed Tinubu, the mandate was clear: to reset, restructure, and reignite Nigeria’s insurance sector. And in just one year, the commission, under the leadership of Mr. Olusegun Ayo Omosehin, Commissioner for Insurance, has done exactly that—delivering a series of landmark reforms, institutional revamps, and bold initiatives that have repositioned the insurance industry as a key player in Nigeria’s economic narrative.
Legislative Milestone That Signals Reform
Perhaps the most telling symbol of NAICOM’s renewed energy is the passage of the Nigerian Insurance Industry Reform Bill, 2025. With sponsorship from Senator Adetokunbo Abiru and staunch support from Honourable Ahmed Jaha, the bill introduces stronger compliance regulations, higher minimum capital thresholds, and tighter governance standards. Now awaiting presidential assent, this piece of legislation reflects the commission’s strategic intent to create a safer, more competitive industry.
Driving Compliance and Expanding Coverage Nationwide
NAICOM’s assertiveness in driving compliance took a bold turn in February 2025, with the nationwide enforcement of compulsory third-party motor insurance. In collaboration with the Nigeria Police Force (NPF) and the Federal Road Safety Corps (FRSC), the commission ensured that millions of Nigerians could no longer ignore this mandatory cover. For the first time in years, insurance became a topic of national importance.
a courtesy visit by the Commissioner for Insurance to theW Honourable Minister in Abuja.
The commission also pushed to integrate insurance into the building approval process. Through a joint committee with stakeholders such as the Federal Fire Service (FFS), National Emergency Management Agency (NEMA), Real Estate Developers Association of Nigeria (REDAN), and others, NAICOM is working to ensure that public buildings and buildings under construction are adequately insured—a move that could reshape public safety and accountability.
One Million Youths, One Industry Revitalised
A standout achievement in NAICOM’s people-focused strategy is its partnership with the Federal Ministry of Youth Development. In a country battling youth unemployment, the commission has committed to training one million Nigerian youths in insurance through a partnership with the Chartered Insurance Institute of Nigeria (CIIN). This capacity-building initiative aligns with the President’s launch of the Nigerian Youth Academy (NiYA) and is already gaining momentum nationwide.
Cleaning House to Build Trust
Internally, the commission has not only restructured its directorates and departments for better performance but also embraced a new work culture. With the full deployment of Microsoft 365 and over 20 new laptops provided by CIIN, NAICOM’s workforce is more responsive and efficient than ever.
Beyond systems, the commission also enforced discipline where it mattered. Regulatory actions were taken against Royal Exchange Prudential, IEI Insurance Plc, Universal Insurance Plc, and Great Nigeria Insurance Plc. The commission’s intervention in African Alliance Insurance Plc.—resulting in the dissolution of its board—sent a strong signal that consumer protection and industry integrity will not be compromised.
The Complaints and Consumer Protection Bureau was also revamped, giving new voice to policyholders. With a renewed focus on claim settlements, NAICOM’s message to insurers is clear: settle genuine claims or face the consequences.
From Local Offices to Global Conversations
The past year has also been about visibility and diplomacy. From aviation roundtables in Dublin to executive visits to ministries and enforcement agencies like Economic and Financial Crimes Commission (EFCC), NAICOM has worked tirelessly to build trust and partnerships across government and private sectors.
Increased media engagement, press briefings, and interviews have kept the public informed and strengthened NAICOM’s position as a transparent and forward-looking regulator. And it is not just about public appearances—these engagements have translated into real collaborations with entities like the Office of the Head of Civil Service, the Nigerian Governors’ Forum NGF), National Pension Commission (PenCom), and the Nigeria Data Protection Commission (NDPC).
Digital Innovation, Insurance for a New Era
One of the most exciting shifts has been the creation of NAICOM’s Innovation Hub under the rebranded Innovation and Regulation Directorate. From regulatory sandboxes to the launch of a cyber insurance framework, the commission is laying the groundwork for a fully digitised insurance ecosystem.
An Agency Registration Portal was launched to simplify agent onboarding, while e-KYC and data privacy protocols are being integrated in collaboration with NDPC. These initiatives promise to bring insurance closer to the digital lifestyles of young Nigerians.
Through its five-point Strategic Agenda—ranging from safeguarding policyholders to enhancing penetration—NAICOM has not only delivered on its promise but exceeded expectations in its first year.
With the successful launch of the FITC CEOs Report and strategic partnerships aimed at enabling insurers to invest in the soon-to-be-established National Credit Guarantee Company, the commission is positioning the industry for long-term relevance and resilience.
In just 12 months, NAICOM has gone from a quiet regulator to a commanding force, shaking off the weight of bureaucracy and complacency. From legislative breakthroughs to digital innovation, and from youth empowerment to public accountability, the commission is proving that with the right leadership and vision, Nigeria’s insurance sector can be a powerful engine for national development.
