Insurance professionals gathering in Abeokuta with a single thrust, “Nurturing the Insurance Industry for Sustainable Growth” are made to digest an unfolding golden opportunity for the insurance industry to reposition itself and emerge from the challenges that have hindered its growth over the years.
The Commissioner for Insurance, Olusegun Omosehin, who presented the keynote paper at Chartered Insurance Institute of Nigeria’s 2025 Insurance Professionals Forum stated copiously that the Nigeria Insurance Industry Reform Act (NIIRA) 2025 opens the flood gate to nurture and sustain the growth of the industry in so many ways not created by legislation before now.
The CEO of the National Insurance Commission said nurturing and sustaining growth would require that professionals demonstrate commitment to excellence, revitalise the sector and enhance professional capacities. Pointing to more dos with renewed vigour, he cleared that the industry must “strive to build trust and confidence… going above and beyond to meet the expectations of our stakeholders, customers’ experience and increasing our contribution to the nation’s economic development.”
Omosehin emphasised that sustainable growth goes beyond mere market expansion or premium growth. “It is essential for the long-term viability and prosperity of our industry.”
He said NAICOM has a responsibility to strengthen regulatory frameworks to promote stability and accountability, while the operators need to cultivate trust, deepen market penetration through targeted initiatives and, equally drive innovation that addresses the evolving needs of the society.
NAICOM helmsman also charged to be global adaptive by focusing on Environmental, Social, and Governance (ESG) integration. 2as the global landscape increasingly prioritises sustainability, our industry must proactively integrate ESG principles into its operations, by developing climate risk models to inform underwriting decisions and mitigate environmental impacts and such others.”
“By embracing ESG integration, we can contribute to a more resilient and responsible future, ultimately enhancing the industry’s reputation, trust, and long-term viability,” he stated.
