Nigerian Insurance Association Outlines Ambitious Agenda for Sector Growth in 2026

Kunle Ahmed, Chairman of the Nigerian Insurance Association (NIA), presented a forward-looking agenda for the insurance sector in 2026. He emphasized the need for insurance executives to consolidate recent gains, collaborate closely, and implement the Nigeria Insurance Industry Reform Act (NIIRA).

Ahmed praised the industry's resilience and collaborative spirit in advancing market development in 2025. The NIA has been proactive in expanding market depth, enhancing stakeholder engagement, and amplifying the industry's public voice through initiatives like the NIA Innov Lab.

The insurance sector is poised to become a major contributor to Nigeria's GDP, following the enactment of the NIIRA in 2025. The industry faces challenges in digital transformation, inclusivity, and global competitiveness, aiming to deepen insurance penetration and financial inclusion among Nigerians.

The agenda includes regulatory advancements, such as open insurance APIs, insurtech partnerships, and the enforcement of compulsory insurance policies across various sectors.