By Peter Omopo
The 21st Insurers Committee Meeting has been held in Lagos, with stakeholders calling for stronger collaboration across Nigeria’s financial and insurance sectors to deepen risk-sharing and improve industry performance.
The high-level session, held on Thursday, May 21, 2026, brought together the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, alongside regulators and key industry operators.
Also present were leaders across insurance and allied institutions, including Pastor Ikechukwu Udobi, President of the Insurers Leaders Association of Nigeria (ILAN); Mrs. Ekeoma Ezeibe, President of the Nigerian Council of Registered Insurance Brokers (NCRIB); Mrs. Ebelechukwu Nwachukwu, Deputy Chairman of the Nigerian Insurers Association (NIA); and senior officials of NAICOM.
Discussions centred on strengthening cross-sector partnerships to build a more resilient, inclusive, and innovation-driven insurance ecosystem. Participants emphasised the need for coordinated action to improve risk-sharing frameworks, optimise the insurance value chain, and align sector operations with national economic priorities.
In his remarks, Mr. Omosehin reaffirmed NAICOM’s commitment to a policyholder-focused regulatory environment, noting that sustainable growth in the sector would depend on closer cooperation among insurers, banks, fintech operators, and regulatory bodies.
He stressed that future progress would require stronger policy alignment and continuous innovation to address structural challenges limiting insurance penetration in the country.
The Committee also agreed on the need to accelerate digital adoption and deepen cross-industry synergies as part of efforts to improve service delivery and expand access to insurance products nationwide.
Members further reviewed regulatory progress, noting NAICOM’s ranking performance, including its first-place position in the Business Finance & Risk Optimisation Cluster and 9th overall on the PEBEC Reform Tracker, which they described as evidence of ongoing reforms in regulatory efficiency.
The meeting ended with a consensus on sustained collaboration among stakeholders to strengthen consumer confidence, accelerate innovation, and support broader financial sector stability in Nigeria.
