By Taiye Olayemi
The Minister of State for Finance, Dr Doris Uzoka-Anite, on Wednesday called on insurance directors and operators to embrace innovation, strengthen governance, and prioritise inclusion.
Uzoka-Anite said this was necessary as the insurance industry transitioned under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The minister made the call during the 2025 Insurance Directors’ Conference, organised by the National Insurance Commission (NAICOM) and the College of Insurance and Financial Management (CIFM).
The two-day event has as its theme, “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth.”
Uzoka-Anite tasked directors with embedding NIIRA 2025 principles into their institutions’ cultures by ensuring compliance, promoting transparency, and prioritising solvency and ethical practices.
She also urged them to expand insurance penetration by reaching underserved groups such as farmers, artisans, transport workers, and micro-enterprises.
“NIIRA 2025 is not just an Act, it is a reform framework and a national mission, a mission to rebuild trust, restore relevance, and redefine the place of insurance in our economy and in our daily lives.
“The success of NIIRA 2025 will be measured by the lives protected, impacts on the economy, the jobs secured, and the futures restored.
“This requires our collective partnerships; the work ahead requires collaboration, patience, and courage,” she said.
The minister reaffirmed the Finance Ministry’s collaboration with NAICOM to align the insurance sector with national priorities.
She said this included capital market linkages, green finance, and inter-agency coordination involving the Central Bank of Nigeria, Security Exchange Commission, Economic and Financial Crimes Commission and the Corporate Affairs Commission.
She highlighted the Federal Government’s ongoing economic reforms aimed at restoring stability and confidence.
Uzoka-Anite said the ministry was also supporting InsurTech growth through tax incentives, digital sandboxes, and regulatory flexibility to drive innovation and market expansion.
She noted that insurance played critical role in cushioning shocks, protecting assets, and encouraging enterprise.
“No sustainable economic transformation can be achieved without a strong, credible, and innovative insurance sector.
“Insurance is the silent engine of a resilient economy,” she said.
Also, Mr Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, while outlining the Commission’s key reform priorities, urged industry leaders to support NIIRA 2025’s successful implementation.
He said the Commission was pursuing six major strategic initiatives under NIIRA 2025.
These, he explained, included a digital transformation agenda anchored on the creation of a centralised insurance industry database to improve transparency, facilitate real-time policy verification, and ease regulatory supervision, particularly in compulsory insurance classes.
According to him, NAICOM was also enhancing market conduct and consumer protection practices by strengthening complaint resolution mechanisms, ensuring prompt claims settlement, and imposing stricter sanctions for infractions.
Omosehin noted that a review of insurers’ minimum capital requirements (MCRs) was ongoing in line with the new law and existing guidelines to improve the financial resilience of operators and ensure their ability to absorb systemic shocks.
He said that the Commission was also working closely with the Nigerian Data Protection Commission (NDPC) to develop sector-specific data protection and cybersecurity frameworks for insurance operators.
On enforcement, Omosehin said NAICOM had intensified collaborations with the Federal Road Safety Corps (FRSC), the Nigeria Police Force (NPF), and various state governments to drive compliance with compulsory insurance policies, including third-party motor insurance and building insurance.
He also said that the Commission was partnering with stakeholders to promote innovation and inclusion through InsurTech initiatives that would make insurance more accessible, affordable, and relevant to all segments of society.
“As Directors, your leadership is central to the successful implementation of these reforms and indeed of NIIRA 2025.
“You are the custodians of governance, ethics, and strategic foresight. Your role is not only to oversee financial performance but also to champion innovation, compliance, and resilience.
“It’s also imperative to highlight that Boards must be proactive, inquisitive, and courageous. Boards must recognise that good governance is not just a regulatory expectation, it is a moral duty.
“As leaders, you must hold yourselves to the highest standards of integrity and accountability,” he said.
