By Bizwatch Nigeria Limited,Toyin Akande

Copyright bizwatchnigeria

The National Insurance Commission (NAICOM) has called on operators in Nigeria’s insurance industry to adopt data-driven practices, innovative business models, and strategic partnerships to ensure long-term sustainability.

Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, made the appeal on Thursday at the 2025 Insurance Professionals Forum of the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State. The forum was themed “Nurturing the Insurance Industry for Sustainable Growth.”

Omosehin stressed that the industry must leverage data insights to identify opportunities, enhance resilience, and improve competitiveness. He also urged professionals to embrace change leadership, operational excellence, and trust-building.

“The need to develop a robust, sustainable, and inclusive insurance industry has become increasingly paramount,” he said, adding that innovation, regulatory strengthening, and market penetration initiatives are critical for deepening industry impact.

The commissioner highlighted the recently signed Nigerian Insurance Industry Reform Act (NIIRA 2025) as a turning point for the sector, describing it as a “long walk to freedom.” He noted that its success would depend on operators’ commitment to implementation, compliance, and continuous improvement.

Omosehin also advised insurers to invest in professional development, adopt digital technologies, and embrace knowledge-sharing to remain competitive. “Ultimately, our goal is to position insurance as a pillar of national development, safeguarding lives, assets, and livelihoods while fostering economic resilience,” he added.

Governor Dapo Abiodun of Ogun State, represented by the Secretary to the State Government, Mr. Tokunbo Talabi, urged operators to uphold integrity and rebuild public trust, noting the industry’s reputation challenges. He commended the NIIRA’s customer retention fund provision as a positive step towards accountability.

Earlier, CIIN President Mrs. Yetunde Ilori expressed confidence in the NIIRA’s potential to unlock growth in the sector and encouraged operators to collaborate on its seamless implementation. She suggested documenting the contributions of stakeholders involved in the reform process for posterity.