Key policymakers, regulators, and business leaders have renewed calls for sweeping reforms to unlock the enormous growth potential of Nigeria’s insurance industry. The push came during the Insurance Sector Transformation Consultative Forum 2026, a major industry gathering focused on rebuilding consumer trust and expanding insurance penetration across the country.
The high-level forum, held on March 5, 2026, brought together influential stakeholders from government, regulatory agencies, and financial institutions under the theme “Driving Collective Advocacy for the Transformation of Nigeria’s Insurance Industry.”
A Major Push for Insurance Sector Transformation
The consultative forum was convened by EnterpriseNGR in collaboration with the Nigerian Insurers Association and the Lagos Chamber of Commerce and Industry.
The event also received strong support from leading insurance and professional services organisations including:
- Leadway Holdings
- Custodian Investment Plc
- Olaniwun Ajayi LP
The forum created a platform for stakeholders to develop practical strategies aimed at modernising the insurance industry, strengthening regulation, and improving public confidence.
Top Policymakers and Industry Leaders Speak
Several prominent policymakers and industry figures delivered insights on how Nigeria can build a stronger insurance ecosystem.
Notable speakers included:
- Tokunbo Abiru
- Olusegun Ayo Omosehin, CEO of the National Insurance Commission
- Aigboje Aig-Imoukhuede
- Yetunde Ilori
- Bola Odukale
- Obi Ibekwe
These leaders emphasised that collaboration between government, insurers, regulators, and financial institutions will be key to transforming the sector.
Nigeria’s Insurance Market Still Lags Behind
Despite steady progress in recent years, Nigeria’s insurance sector still has significant room for growth.
Industry data shows that gross written premiums reached about ₦1.56 trillion in 2024, yet insurance penetration remains below 1%, far lower than the global average.
Experts at the forum stressed that this gap represents both a major challenge and a massive opportunity for the industry.
Key Barriers to Insurance Adoption in Nigeria
Participants identified several factors limiting the widespread adoption of insurance products in Nigeria, including:
- Low consumer awareness about insurance benefits
- Trust issues related to delayed or disputed claims
- Poor customer experience across the industry
- Limited access to insurance products for small businesses and individuals
To address these challenges, stakeholders called for greater transparency in claims management, improved customer service standards, and stronger consumer education initiatives.
Technology and InsurTech Could Transform the Industry
Another major focus of the discussions was digital transformation in the insurance sector.
Experts highlighted how InsurTech innovation, fintech partnerships, and telecom integration could dramatically expand access to insurance across Nigeria.
Digital platforms can help insurers:
- Reach underserved populations
- Improve underwriting accuracy
- Accelerate claims processing
- Reduce operational costs
- Deliver faster and more transparent services
These innovations could particularly benefit retail customers and MSMEs, which remain largely underinsured.
Policy and Regulatory Reforms in Focus
Stakeholders also discussed the importance of strengthening regulatory frameworks to support industry growth.
Key policy priorities include:
- Effective implementation of the Nigeria Insurance Industry Reform Act
- Stronger coordination between financial regulators
- Adoption of risk-based supervision frameworks
- Policies that encourage innovation while protecting consumers
Industry leaders said these reforms will help create a more stable, competitive, and investor-friendly insurance market.
Building Talent for the Future Insurance Industry
Human capital development also emerged as a major priority.
Participants stressed the need to strengthen expertise in critical areas such as:
- Actuarial science
- Digital insurance technology
- Advanced risk management
- Data analytics
They encouraged deeper collaboration between insurance companies, professional bodies, and universities to build a workforce capable of driving the industry’s future.
Insurance Can Help Finance Nigeria’s Economic Growth
Beyond risk protection, stakeholders highlighted the insurance sector’s potential to mobilise long-term capital for national development.
A stronger insurance industry could support investment in key sectors including:
- Infrastructure
- Agriculture
- Healthcare
- Energy
- The digital economy
Experts believe that expanding insurance penetration could significantly strengthen Nigeria’s financial system and support sustainable economic growth.
A Roadmap for Industry Reform
At the end of the forum, participants agreed on the need for continued collaboration and coordinated reforms to drive transformation across the industry.
The recommendations from the consultative forum will help shape a new industry roadmap aimed at expanding insurance adoption and positioning the sector as a key driver of Nigeria’s economic development.
The initiative also aligns with the broader mission of EnterpriseNGR, which was created to position Nigeria as Africa’s leading financial and professional services hub.
