Senior policymakers, regulators, and industry leaders convened at the Insurance Sector Transformation Consultative Forum 2026, a landmark industry gathering aimed at accelerating reforms, rebuilding consumer trust, and unlocking the full potential of Nigeria’s insurance industry.
The high-level forum, held on March 5, 2026, brought together key stakeholders from government, regulatory institutions, financial services, and the broader insurance ecosystem to deliberate on practical strategies to transform the sector under the theme, “Driving Collective Advocacy for the Transformation of Nigeria’s Insurance Industry.”
The consultative session was convened by EnterpriseNGR in collaboration with the Nigerian Insurers Association and the Lagos Chamber of Commerce and Industry, with support from leading industry partners including Leadway Holdings, Custodian Investment Plc, and Olaniwun Ajayi LP.
The consultative forum featured contributions from prominent policymakers and industry leaders, including Senator Tokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions; Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission; Aigboje Aig-Imoukhuede, CFR, Chairman of EnterpriseNGR; Yetunde Ilori, President and Chairman of Council of the Chartered Insurance Institute of Nigeria; Bola Odukale, Director General of the Nigerian Insurers Association; and Obi Ibekwe, Chief Executive Officer of EnterpriseNGR.
The forum comes at a critical moment for Nigeria’s insurance industry. While the sector has recorded notable growth in recent years, with gross written premiums reaching approximately ₦1.56tn in 2024, insurance penetration remains below one per cent, significantly lower than the global average.
Stakeholders therefore emphasised the urgent need for coordinated reforms, stronger industry collaboration, and innovative approaches to expand insurance adoption and improve public confidence in the sector.
Discussions during the forum underscored the importance of collective action across regulators, policymakers, insurers, brokers, and other stakeholders to address structural barriers limiting insurance penetration and to strengthen the sector’s contribution to Nigeria’s economic development.
Participants examined key factors responsible for the low adoption of insurance products in Nigeria, including limited consumer awareness, trust deficits driven by claims disputes, and inefficiencies in customer experience. Stakeholders highlighted the need for greater transparency in claims management, improved consumer education, and stronger industry-wide service standards to rebuild trust and expand market penetration across retail, MSME, and corporate segments.
Participants also explored how innovation, technology, and digital transformation can significantly expand insurance access. Discussions focused on the role of digital platforms, InsurTech innovation, and partnerships with fintech companies and telecom operators in reaching underserved populations, improving underwriting accuracy, and accelerating claims processing while reducing operational costs across the industry.
Stakeholders further examined regulatory and policy frameworks required to enable sustainable industry growth, including the effective implementation of the Nigeria Insurance Industry Reform Act, improved coordination among financial sector regulators, and the adoption of modern risk-based supervision frameworks that support innovation while maintaining market stability and consumer protection.
The discussions also highlighted the importance of strengthening human capital within the insurance industry, particularly in areas such as actuarial science, digital capabilities, and advanced risk management.
Participants emphasised the need for stronger collaboration between industry stakeholders, professional bodies, and academic institutions to build a future-ready workforce while reinforcing ethical standards and continuous professional development across the sector.
In addition, stakeholders considered the broader economic role of the insurance sector and its potential to mobilise long-term capital to support national development priorities, including infrastructure, agriculture, healthcare, energy, and the digital economy.
Participants emphasised that a stronger and more resilient insurance industry could play a critical role in financing long-term investment, supporting economic diversification, and strengthening financial system stability.
At the conclusion of the consultative forum, participants agreed on the need for sustained collaboration across the industry to accelerate reforms, improve service delivery, and strengthen public confidence in insurance.
The recommendations emerging from the forum will inform ongoing engagement with policymakers and regulators, as well as the development of a coordinated industry roadmap aimed at expanding insurance penetration and positioning the sector as a stronger driver of Nigeria’s economic growth.
EnterpriseNGR is a private sector-led platform established to position Nigeria as Africa’s leading financial and professional services hub by driving policy advocacy, strengthening industry competitiveness, and fostering collaboration across the financial services ecosystem.
