Industry Leaders Advocate Reforms for Nigeria's Insurance Growth

On March 5, 2026, a high-level forum was held to discuss reforms necessary for transforming Nigeria's insurance industry, which has recently recorded notable growth with gross written premiums reaching approximately ₦1.56 trillion in 2024. However, insurance penetration remains below 1%, significantly lower than the global average.

The forum, convened by EnterpriseNG in collaboration with the Nigerian Insurers Association and the Lagos Chamber of Commerce, included key stakeholders such as Tokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Financial Institutions, and Olusegun Ayo Omosehin, Chief Executive Officer of the National Insurance Commission. Discussions focused on the urgent need for coordinated reforms, stronger industry collaboration, and innovative approaches to improve consumer confidence.

Stakeholders highlighted barriers to insurance adoption, including consumer awareness and trust deficits, and explored the role of technology in expanding access. The forum also addressed the regulatory framework necessary for sustainable growth and emphasized the importance of strengthening human capital within the industry.