NAICOM unveils NIIRA implementation working groups
The National Insurance Commission has unveiled a comprehensive implementation strategy for the National Insurance Industry Reform Agenda 2025.
According to NAICOM on Tuesday, the strategy was launched at a high-level meeting held in Abuja, where the Commissioner for Insurance, Mr Olusegun Omosehin, inaugurated three core working groups to drive the execution of NIIRA’s objectives across the insurance value chain.
The PUNCH reports that NIIRA 2025, signed into law in July, sets out a holistic roadmap for regulatory reform, financial inclusion, digital transformation, and compulsory insurance enforcement.
Speaking during the strategy session, Omosehin reaffirmed NAICOM’s commitment to ensuring that the implementation phase of NIIRA is inclusive, data-driven, and results-oriented.
“This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry. The NIIRA 2025 is not just a regulatory document; it is a blueprint for building an insurance sector that protects lives, businesses, and investments across Nigeria,” Omosehin stated.
He added that the new working groups would serve as engines of reform, ensuring that critical policy objectives are translated into measurable outcomes.
The Working Groups comprise the Compulsory Insurance Working Group, chaired by Shola Tinubu, with the mandate to strengthen the enforcement and adoption of all compulsory insurance schemes across the country, including motor (third party), builders liability, group life, professional indemnity, and public buildings insurance.
The Digitisation Working Group is led by Adetola Adegbayi and has the mandate to modernise the insurance regulatory ecosystem through innovative digital tools and platforms, and the third group is the Financial Inclusion Working Group, chaired by Dr Yeside Oyetayo. This group has the mandate of deepening insurance penetration, particularly among underserved and low-income populations.
The Commissioner commended stakeholders for their dedication and expressed confidence that the new implementation structure would fast-track industry-wide reforms. “This strategy represents a shared responsibility to deliver results that will redefine the perception and impact of insurance in Nigeria. We must all see ourselves as partners in national development.”
