NIIRA will foster economic growth – Experts
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By Rosemary Iwunze
The Commissioner for Insurance, Mr. Olusegun Omosehin has said that the Nigeria Insurance Industry Reform Act, NIIRA 2025, will foster economic growth.
Omosehin stated this at the Insurance Meets Tech (IMT) 4.0 Conference in Lagos, themed “Innovating for the New Trybe.”
The Commissioner, who was represented at the event by the Deputy Commissioner for Insurance (Finance & Administration), Mr Ekerete Ola Gam-Ikon, said: “NIIRA will foster economic growth by transforming the sector through increased capital, stronger policyholder protection via a Policyholder Protection Fund, digitalisation, microinsurance promotion, and alignment with global best practices.
“The Act is a warm piece of legislation that provides the blueprint to reset the industry. This Act bridges the gap between what family and friends traditionally provide and what insurance should guarantee. Nigerians can now be confident that when something goes wrong, insurance will deliver.”
Omosehin further explained that NIIRA’s recapitalisation will increase insurers’ capacity to handle risks and retain local businesses, contributing to the nation’s vision of a one trillion dollar economy.
Also speaking at the event, the Chairman, Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, who is also the MD/CEO of AXA Mansard Insurance Plc, stated: “NIIRA 2025 represents a bold step toward strengthening the regulatory framework, enhancing public trust, improving market penetration, and modernising operations within the industry. It reflects the Federal Government’s commitment to deepening financial inclusion and ensuring that insurance becomes a robust pillar in Nigeria’s economic framework, in line with the President’s vision for achieving a $1 trillion economy by 2030.
“This is not just a legislative victory; it is a shared mission. NIA stands ready to champion a more resilient and customer-centric insurance sector that contributes meaningfully to national development.”
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