The National Insurance Commission has described Nigeria’s insurance industry as the next frontier for the country’s industrial and economic expansion, noting that recent reforms have transformed the sector from a fragile system into a pillar of national resilience.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, made the assertion on Tuesday in Lagos during the second-anniversary celebration of Daily Economy and the launch of the book Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons.
Omosehin, who was represented at the event by Salami Abdulkabir, said the insurance sector is now strategically positioned to drive long-term capital formation and support national development.
According to him, the recently enacted Nigerian Insurance Industry Reform Act 2025 represents a major legislative milestone for the industry.
“NIIRA 2025 represents a bold and forward-looking transformation. It is not just a reform; it is a comprehensive redefinition of how the industry operates, competes, and delivers value. It positions the insurance sector as a more significant contributor to economic growth and national development,” Omosehin said.
The event was chaired by the Chairman of Prestige Insurance Brokers Ltd, Prince Feyisayo Soyewo, and attracted key financial regulators and industry leaders.
In her welcome address, the author of the book and publisher of Daily Economy, Nike Popoola, said the evolution of Nigeria’s insurance sector over the past two decades demonstrates the importance of sustained reforms.
“In 2005, it was a sector often characterised by weak public confidence and a fragile capital base. Fast forward to today, and we see a far more structured, innovative, and forward-looking industry,” she said.
Popoola explained that the 224-page book documents major developments in the sector between 2005 and 2025, including recapitalisation efforts, regulatory restructuring, and consolidation initiatives.
She added that beyond policies and reforms, the publication also celebrates individuals whose leadership and vision shaped the industry’s transformation.
Reviewing the book, the Chief Executive Officer of the Nigerian Council of Registered Insurance Brokers, Tope Adaramola, said the publication fills a longstanding gap in the documentation of Nigeria’s insurance history.
“The industry has had a great lack of proper documentation regarding its historical epochs. This book fills that lacuna. It offers a longitudinal view of the sector’s trajectory, combining data-driven analysis with the human stories of icons who shaped the industry,” he said.
Adaramola noted that figures featured in the book include industry pioneers such as Olola Agoro and veteran insurance professional Odupe Dallas, whose contributions continue to inspire younger professionals.
The Managing Director and Editor-in-Chief of PUNCH Nigeria Limited, Joseph Adeyeye, represented by the company’s General Manager, Production, Olayinka Popoola, also commended the author for documenting the sector’s history.
Adeyeye praised Popoola’s transition from journalism to becoming an authority in the insurance industry.
“Nike was an outstanding reporter: hard-working, disciplined, and deeply committed to excellence. It is no surprise that the same depth she brought to journalism has produced this important book,” he said.
Other industry leaders who delivered goodwill messages included the Group Managing Director of African Reinsurance Corporation, Corneille Karekezi; the President of the Chartered Insurance Institute of Nigeria, Yetunde Ilori; the Chairman of the Nigerian Insurers Association, Kunle Ahmed; and the President of the Nigerian Council of Registered Insurance Brokers, Ekeoma Ezeibe.
They emphasised that the success of NIIRA 2025 will depend on stronger collaboration between regulators, operators, and the media to deepen insurance penetration across Nigeria.
Industry stakeholders also stressed the need to expand insurance services beyond urban centres and into the informal economy.
The enactment of the Nigerian Insurance Industry Reform Act 2025 marks the first major legislative overhaul of the sector in more than two decades, effectively replacing the outdated Insurance Act 2003.
Experts say the new framework introduces risk-based capital requirements that align Nigeria’s insurance industry with global standards while ensuring operators possess the financial strength required to support a modern and complex economy.
