Trade leaders push reforms to unlock insurance coverage development

Senior policymakers, regulators, and {industry} leaders convened on the Insurance coverage Sector Transformation Consultative Discussion board 2026, a landmark {industry} gathering aimed toward accelerating reforms, rebuilding shopper belief, and unlocking the total potential of Nigeria’s insurance coverage {industry}.

The high-level discussion board, held on March 5, 2026, introduced collectively key stakeholders from authorities, regulatory establishments, monetary providers, and the broader insurance coverage ecosystem to deliberate on sensible methods to remodel the sector beneath the theme, “Driving Collective Advocacy for the Transformation of Nigeria’s Insurance coverage Trade.”

The consultative session was convened by EnterpriseNGR in collaboration with the Nigerian Insurers Affiliation and the Lagos Chamber of Commerce and Trade, with assist from main {industry} companions together with Leadway Holdings, Custodian Funding Plc, and Olaniwun Ajayi LP.

The consultative discussion board featured contributions from distinguished policymakers and {industry} leaders, together with Senator Tokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance coverage and Different Monetary Establishments; Olusegun Ayo Omosehin, Commissioner for Insurance coverage and Chief Govt Officer of the Nationwide Insurance coverage Fee; Aigboje Aig-Imoukhuede, CFR, Chairman of EnterpriseNGR; Yetunde Ilori, President and Chairman of Council of the Chartered Insurance coverage Institute of Nigeria; Bola Odukale, Director Common of the Nigerian Insurers Affiliation; and Obi Ibekwe, Chief Govt Officer of EnterpriseNGR.

The discussion board comes at a crucial second for Nigeria’s insurance coverage {industry}. Whereas the sector has recorded notable development in recent times, with gross written premiums reaching roughly ₦1.56tn in 2024, insurance coverage penetration stays beneath one per cent, considerably decrease than the worldwide common.

Stakeholders subsequently emphasised the pressing want for coordinated reforms, stronger {industry} collaboration, and modern approaches to develop insurance coverage adoption and enhance public confidence within the sector.

Discussions in the course of the discussion board underscored the significance of collective motion throughout regulators, policymakers, insurers, brokers, and different stakeholders to handle structural boundaries limiting insurance coverage penetration and to strengthen the sector’s contribution to Nigeria’s financial improvement.

Contributors examined key components accountable for the low adoption of insurance coverage merchandise in Nigeria, together with restricted shopper consciousness, belief deficits pushed by claims disputes, and inefficiencies in buyer expertise. Stakeholders highlighted the necessity for higher transparency in claims administration, improved shopper schooling, and stronger industry-wide service requirements to rebuild belief and develop market penetration throughout retail, MSME, and company segments.

Contributors additionally explored how innovation, know-how, and digital transformation can considerably develop insurance coverage entry. Discussions targeted on the function of digital platforms, InsurTech innovation, and partnerships with fintech firms and telecom operators in reaching underserved populations, enhancing underwriting accuracy, and accelerating claims processing whereas decreasing operational prices throughout the {industry}.

Stakeholders additional examined regulatory and coverage frameworks required to allow sustainable {industry} development, together with the efficient implementation of the Nigeria Insurance coverage Trade Reform Act, improved coordination amongst monetary sector regulators, and the adoption of recent risk-based supervision frameworks that assist innovation whereas sustaining market stability and shopper safety.

The discussions additionally highlighted the significance of strengthening human capital inside the insurance coverage {industry}, notably in areas similar to actuarial science, digital capabilities, and superior threat administration.

Contributors emphasised the necessity for stronger collaboration between {industry} stakeholders, skilled our bodies, and tutorial establishments to construct a future-ready workforce whereas reinforcing moral requirements and steady skilled improvement throughout the sector.

As well as, stakeholders thought of the broader financial function of the insurance coverage sector and its potential to mobilise long-term capital to assist nationwide improvement priorities, together with infrastructure, agriculture, healthcare, power, and the digital economic system.

Contributors emphasised {that a} stronger and extra resilient insurance coverage {industry} may play a crucial function in financing long-term funding, supporting financial diversification, and strengthening monetary system stability.

On the conclusion of the consultative discussion board, individuals agreed on the necessity for sustained collaboration throughout the {industry} to speed up reforms, enhance service supply, and strengthen public confidence in insurance coverage.

The suggestions rising from the discussion board will inform ongoing engagement with policymakers and regulators, in addition to the event of a coordinated {industry} roadmap aimed toward increasing insurance coverage penetration and positioning the sector as a stronger driver of Nigeria’s financial development.

EnterpriseNGR is a personal sector-led platform established to place Nigeria as Africa’s main monetary {and professional} providers hub by driving coverage advocacy, strengthening {industry} competitiveness, and fostering collaboration throughout the monetary providers ecosystem.