The Nationwide Insurance coverage Fee has begun the operational rollout of the Nationwide Insurance coverage Business Reform Agenda 2025, with the inauguration of three implementation working {groups} to deepen obligatory insurance coverage enforcement, drive digital transformation and broaden {financial} inclusion.
The initiative was unveiled throughout a high-level technique session in Abuja, the place the Commissioner for Insurance coverage, Olusegun Omosehin, mentioned the Fee is getting into a brand new part of coordinated execution aimed toward repositioning the insurance coverage {industry} for stronger {economic} influence.
Based on him, NIIRA 2025, signed into regulation earlier this 12 months, gives a complete roadmap for regulatory reform, expertise adoption and elevated insurance coverage penetration throughout the nation.
“This marks the start of a coordinated journey towards attaining a stronger, extra clear, and technology-driven insurance coverage {industry}. The NIIRA 2025 is not only a regulatory doc, it’s a blueprint for constructing an insurance coverage sector that protects lives, companies, and investments throughout Nigeria,” Omosehin acknowledged.
He defined that the implementation {groups} will function engines of reform, making certain that the Fee strikes from technique to measurable outcomes.
One of many groups, chaired by Shola Tinubu, has been tasked with strengthening the enforcement and adoption of obligatory insurance coverage schemes, together with Motor (Third Get together), Builders Legal responsibility, Group Life, Skilled Indemnity and Public Buildings insurance coverage.
The crew is predicted to collaborate with federal and state enforcement companies to drive nationwide compliance in addition to perform periodic public consciousness campaigns.
One other crew, chaired by Adetola Adegbayi, will give attention to digital transformation. The group has the mandate to modernise the insurance coverage regulatory ecosystem, enhance transparency, improve knowledge integrity, shorten licensing and claims processing timelines and broaden the accessibility of insurance coverage merchandise via digital and cell platforms.
The purpose is to create an agile, automated and customer-centric insurance coverage surroundings able to fostering public belief and rising market penetration.
The third group, chaired by Yeside Oyetayo, will work on deepening {financial} inclusion by increasing microinsurance and takaful penetration, notably amongst low-income and underserved populations.
The crew will collaborate with important stakeholders together with the Central {Bank} of Nigeria, improvement companions, and fintech corporations to execute inclusive coverage initiatives outlined in NIIRA 2025.
Omosehin recommended stakeholders for his or her dedication and expressed confidence that the brand new implementation construction would fast-track industry-wide reforms.
“This technique represents a shared accountability to ship outcomes that may redefine the notion and influence of insurance coverage in Nigeria. We should all see ourselves as companions in nationwide improvement,” he mentioned.
Senior NAICOM officers on the session emphasised the significance of sustaining sturdy communication channels and measurable benchmarks all through the implementation course of.
They acknowledged that the Fee will monitor developments, challenge frequent updates, and preserve lively contact with operators to make sure accountability.
The assembly ended with a restored sense of function and collaboration amongst individuals as NAICOM strikes to steer the insurance coverage sector towards a extra resilient, inclusive and technology-driven future beneath the NIIRA framework.