Nigeria’s insurance industry took a major step toward transformation as financial services leaders, top experts, and policymakers gathered in Lagos for the inaugural Insurance Sector Consultative Forum.
Sponsored by Rex Insurance Limited, the event brought together over 100 senior leaders, including regulators, operators, and legislators, to build a coordinated approach for developing a sector currently contributing less than one per cent to the nation’s GDP.
Stakeholders emphasised that advancing the insurance landscape is a collective responsibility, noting that progress requires collaboration across all segments of the industry.
“The goal of transforming and advancing the insurance industry in Nigeria is a collective responsibility,” the forum participants highlighted during the opening session.
A central focus of the forum was the recently enacted Insurance Industry Reform Act, with discussions exploring regulatory challenges and the historical gaps in collaboration that have hindered sector growth. The sessions culminated in a consensus-driven advocacy roadmap designed to guide future policy and implementation.
Senator Tokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, addressed participants alongside key figures such as Aigboje Aig-Imoukhuede, Chairman of Coronation Group and Access Holdings, and Olusegun Ayo Omosehin, Commissioner for Insurance at NAICOM.
“We just passed the Nigeria Insurance Industry Reform Act… The essence of this gathering goes beyond putting the law in place but to begin to implement the legislation,” Abiru said, noting that successful implementation requires full cooperation among stakeholders.
The forum also provided an opportunity to strengthen links between insurers and policymakers, clarify industry growth drivers, and discuss modern risks the sector must cover in a rapidly changing market.
Speaking on the impact of the forum, Mrs Ebelechukwu Nwachukwu, Managing Director and CEO of Rex Insurance, said, “We believe this collaborative platform will serve as a turning point in shaping a more resilient and innovative insurance industry, one that will provide real solutions to the challenges we face and support long-term growth.”
She further added, “The forum fostered meaningful dialogue between stakeholders, created a shared vision for the future, and laid the groundwork for actionable reforms that will impact the sector for years to come.”
As the sector prepares for a new era of digital transformation and advanced risk management, Rex Insurance reaffirmed its commitment to providing world-class solutions.
“At Rex Insurance, we remain committed to supporting initiatives that strengthen the industry, promote sustainability, and improve the overall value we offer to our customers,” Nwachukwu emphasised.
The forum concluded with a pledge from all participants to uphold a unified vision for reform across the entire insurance value chain, signalling a decisive shift toward a more transparent, consumer-focused, and growth-oriented market in Nigeria.
