The Nigerian insurance industry must strengthen its financial capacity, embrace technology, improve claims settlement and rebuild public confidence to play a stronger role in driving the country’s economic transformation, the National Insurance Commission and industry experts have said.
The stakeholders spoke on Thursday at the 2026 Insurance Professional Forum of the Chartered Insurance Institute of Nigeria, held in Abeokuta, Ogun State, with the theme, “The Economics of Risk: Sustaining a Resilient Insurance Industry.”
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, said insurance was more than a financial service, describing it as an important infrastructure for economic development and stability.
Omosehin said the industry had entered a new phase following recent regulatory reforms, with stronger expectations around financial soundness, governance, policyholder protection, and professional standards.
According to him, the changing risk environment, characterised by economic volatility, climate-related disasters, technological disruption, cyber threats, geopolitical uncertainties and changing consumer expectations, requires insurers to move beyond traditional approaches to risk management.
