By Sola Alabadan
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Omosehin, has urged insurance brokers to strengthen corporate governance, embrace digital innovation and uphold professional ethics to unlock the industry’s growth potential.
He said brokers also had a critical role to play in mobilising domestic capital and providing risk management solutions to support Nigeria’s infrastructure development and broader economic growth.
Omosehin stated this in his opening address at the 2026 National Insurance Brokers Conference and Exhibition held in Abuja on Wednesday.
He said the country’s ambition to achieve sustainable economic renewal and build a multi-trillion-dollar economy required stronger domestic capital formation and robust risk management mechanisms.
According to him, insurance brokers occupy a central position in the country’s insurance ecosystem as trusted risk advisers, intermediaries and advocates for policyholders, contributing significantly to the industry’s total premium generation.
He noted that brokers’ responsibilities extended beyond commercial transactions to include expanding insurance market penetration, simplifying complex risks and building public confidence in insurance across corporate, public and retail sectors.
Omosehin added that brokers possessed the technical expertise required to structure risk management and transfer solutions for major infrastructure projects in transportation, energy, real estate and industrial development.
He also stressed the importance of professional advisory services, risk auditing and prompt claims negotiation in ensuring that policyholders received adequate protection and value for their premiums.
On the Nigerian Insurance Industry Reform Act (NIIRA), the NAICOM chief described the legislation as a major milestone in the modernisation of the country’s insurance regulatory framework.
He said the Act was designed to strengthen insurers’ balance sheets, promote sound market conduct, protect consumers and accelerate insurance penetration.
Omosehin explained that the new regulatory framework placed greater responsibility on insurance brokers to maintain high professional standards, strengthen governance structures and ensure compliance with licensing and market conduct requirements.
He warned that unlicensed activities, ethical breaches and failure to remit premiums would attract serious regulatory consequences, adding that NAICOM would enforce the rules to protect policyholders and sustain public confidence in the industry.
The commissioner further urged brokers to take advantage of the opportunities presented by digital transformation, noting that NIIRA recognised digital, electronic and web-based insurance distribution channels.
He encouraged brokerage firms to adopt technology and insurance technology (InsurTech) solutions to expand their reach, improve operational efficiency and deliver better customer experiences.
On infrastructure development, Omosehin said the insurance industry must become a stronger partner in financing and protecting national assets by providing appropriate risk management solutions and supporting domestic capital mobilisation.
He noted that Nigeria’s infrastructure gaps could not be adequately addressed without sustainable risk management and greater participation of local capital.
According to him, insurance funds, infrastructure bonds and tailored risk guarantees could help position the industry as a key contributor to national development.
He also highlighted the importance of compulsory insurance policies and customised risk protection for infrastructure projects, urging brokers to guide project sponsors, contractors and financiers on the insurance requirements necessary to protect major national assets.
Omosehin called on conference participants to examine how the provisions of NIIRA could help brokerage firms strengthen governance, promote ethical business practices and expand their operations.
He urged the Nigerian Council of Registered Insurance Brokers (NCRIB) and its members to build strategic partnerships with stakeholders in banking, energy, manufacturing and public infrastructure to create new business opportunities and deepen insurance penetration.
He reaffirmed NAICOM’s commitment to creating an enabling regulatory environment that supports product innovation, capital growth and market expansion, while strengthening consumer protection and the overall resilience of the insurance industry.
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