The Commissioner for Insurance and CEO of the National Insurance Commission, Mr Olusegun Omosehin, has emphasised the need for sustained collaboration among stakeholders to drive meaningful change in the insurance industry.
He said this at the 2026 Insurance Sector Transformation Consultative Forum, in Lagos, with the theme: “Driving Collective Advocacy for the Transformation of Nigeria’s Insurance Industry”, reported state-owned News Agency of Nigeria.
Mr Omosehin said, “The transformation of the insurance sector is no longer optional. It has to commence now.”
Referring to the recently enacted Nigeria Insurance Industry Reform Act (NIIRA), he said, “Given the level of work that has been done at the regulatory end, it then becomes obvious that we need a platform for collaboration across all stakeholders in the financial services and professional ecosystem to ensure that the desired transformation is given meaning.
“There is no nation on this planet that can successfully transit to that level of growth without the resilience required from the insurance sector.”
The President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, underscored the importance of collective action to address structural challenges limiting insurance adoption. She cited low consumer awareness, trust deficits arising from claims disputes, and service inefficiencies as key barriers to penetration.
Another speaker, the Director-General of the Nigerian Insurers Association (NIA), Mrs Bola Odukale, called for greater transparency in claims management, improved consumer education, enhanced service standards and stronger ethical compliance to rebuild public trust.
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