The National Insurance Commission (NAICOM) has reassured Nigerians that policyholders will not incur losses as it advances reforms aimed at strengthening the country’s insurance sector under the Nigeria Insurance Industry Reform Agenda (NIIRA) 2025.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, gave the assurance during a media interactive session at the Radisson Blu Hotel Ikeja in Lagos, where he outlined progress on the ongoing recapitalisation programme and other regulatory initiatives designed to reposition the industry for sustainable growth.
Omosehin explained that recapitalisation remains a critical component of the reform agenda, aimed at strengthening insurers’ capital base, improving their ability to settle claims promptly, and enabling them to underwrite large-scale risks across key sectors of the economy.
“Our primary responsibility is to protect policyholders. We will ensure that no Nigerian who has entrusted their resources to insurance companies suffers because of the recapitalisation process”, he said.
He stressed that the reform initiative is not intended to disrupt the market but rather to reinforce the financial stability and credibility of insurance companies operating in the country. According to him, NAICOM has already introduced regulatory safeguards to ensure that policyholders’ interests remain protected throughout the transition period.
The commissioner noted that the broader reform programme seeks to modernise the insurance industry, rebuild public trust, and align Nigeria’s regulatory framework with global best practices.
Under the NIIRA 2025 framework, insurance companies are expected to strengthen their financial capacity in order to participate more effectively in underwriting major risks in sectors such as aviation, maritime, infrastructure, oil and gas, and energy.
Omosehin also explained that the reform agenda aims to deepen the insurance ecosystem through stronger corporate governance, improved market conduct, and consolidation among operators where necessary.
Industry analysts believe the recapitalisation exercise could lead to mergers, acquisitions and strategic partnerships within the sector, resulting in stronger institutions capable of competing more effectively in regional and global markets while supporting Nigeria’s economic expansion.
In addition, NAICOM announced that the National Identification Number (NIN) will become a mandatory requirement for insurance transactions from April 30, 2026.
Omosehin said any new insurance policy issued without a valid NIN will be regarded as invalid from that date.
“The date is sacrosanct. All new insurance policy documents must reflect the National Identification Number”, he stated.
He clarified that existing policies will remain valid until their expiration dates. However, policyholders seeking renewal will be required to provide their NIN before such policies can be processed.
According to the commissioner, the new requirement is intended to strengthen the integrity of insurance transactions, protect the interests of parties to insurance contracts, and reduce fraudulent activities within the industry.
The media session provided journalists and stakeholders with an opportunity to seek clarification on the reform process and gain deeper insights into how NIIRA 2025 and other regulatory measures will shape the future of Nigeria’s insurance market.
Omosehin reaffirmed NAICOM’s commitment to transparency, regulatory discipline and innovation as the Commission works toward building a modern insurance sector capable of supporting Nigeria’s long-term development objectives.