REMARKS BY THE COMMISSIONER FOR INSURANCE, FEDERAL REPUBLIC OF NIGERIA, MR. OLUSEGUN AYO OMOSEHIN, AT THE 2025 WAICA CONFERENCE IN LAGOS, NIGERIA

There are moments in history when a profession must rise beyond its traditional boundaries—when its purpose must stretch beyond profit and policy to become a pillar of resilience, equity, and transformation. This is one of those moments.
Today, we gather not merely as insurers, regulators, and industry leaders, but as stewards of West Africa’s future. The theme of this year’s conference, “The West African Insurer in the Face of Climate Change,” is more than a topic for discussion—it is a call to courage, innovation, and solidarity.
Climate change is rewriting the narrative of our region. It is testing the strength of our economies, the endurance of our communities, and the responsiveness of our institutions. It has become a macroeconomic threat, influencing fiscal policy, national budgets, and the stability of our financial systems.
The evidence is sobering. In 2024, flooding affected over 7.5 million people across 16 West African countries. Nigeria alone accounted for 1.3 million displaced persons. In 2025, over 33,000 Nigerians were displaced, 3,800 homes destroyed, and 5,300 hectares of farmland submerged—threatening food security and economic stability.
These are not just statistics—they are stories of disruption, loss, and delayed development. Yet, within this crisis lies an opportunity: to redefine the role of insurance as a force for resilience and sustainable development.

Climate Finance and Risk Management
Like many African nations, Nigeria faces a significant climate finance gap. Traditional budgetary responses are no longer sufficient. We must strengthen financial instruments that allow us to anticipate shocks rather than merely react to them.
When integrated into national planning, insurance becomes one of the most effective tools for climate risk management and economic resilience.

A Call to West African Insurers
To my colleagues across WAICA member states—insurers, reinsurers, and industry leaders—this is a call to action. We must:
Innovate boldly, developing parametric and microinsurance products tailored to our region’s climate realities
Invest in data and technology to improve climate modelling, risk assessment, and product delivery
Collaborate across borders, pooling risks and resources to build regional resilience
Expand inclusion, ensuring insurance reaches farmers, market women, artisans, and micro-entrepreneurs—the backbone of our economies
Prioritise capacity building, investing in the next generation of insurance professionals
Insurance must evolve from a transactional service to a strategic enabler of development.

Closing
As a regulator, the National Insurance Commission (NAICOM) is committed to enabling policies that foster collaboration between operators, regulators, and development partners. Strengthening climate resilience across West Africa demands a unified approach—one that blends sound regulation, market innovation, and strategic partnerships.
Let this conference mark a turning point—where insurance becomes central to our climate response and a driver of inclusive, sustainable development.
As the African adage reminds us: “Rain does not fall only on one roof.”
This timeless wisdom speaks to our shared vulnerability, and our shared responsibility. Climate change does not respect borders. Its impacts are felt in every nation, every community, and every sector. Just as rain falls on many roofs, so too must our response be collective. We must build collective solutions rooted in regional cooperation, and resilience.

By Sola Alabadan

AIICO Insurance Plc has counselled media professionals to embrace regular medical checkups in order to remain healthy at all times and to ensure early detection and management of potential health issues.

Dr. Ademola Osokoya, Assistant Manager at AIICO Multishield Limited, who gave this advice during a training organised by AIICO Insurance Plc for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) recently in Lagos, emphasised the importance of routine health assessments.

“Regular medical checks help individuals understand their health status, which is crucial for timely intervention and effective management of any health condition,” Dr. Osokoya stated.

He encouraged journalists and other professionals to leverage available health insurance options to access quality healthcare services.

Introducing the AIICO Multishield Health Insurance Plan, Dr. Osokoya described it as a comprehensive and accessible solution tailored to meet the diverse healthcare needs of individuals, families, small businesses, and corporate organisations.

He said the Multishield Plan offers flexible coverage tiers that include in-patient and out-patient services, specialist consultations, diagnostic tests, maternity care, and emergency treatment, all at affordable premiums.

He noted that a standout feature of the plan is its broad network of accredited healthcare providers across Nigeria, enabling enrollees to access top-quality medical facilities nationwide.

In line with efforts to expand healthcare access for Nigerians, he added that AIICO has extended the plan’s benefits to informal sector workers and undeserved members of the populace.

“By collaborating with cooperatives, trade unions, and grassroots organizations, the company is contributing to the national push for Universal Health Coverage and supporting more Nigerians in securing reliable healthcare.

“Technology plays a central role in the Multishield offering, with digital platforms enabling seamless enrollment, claims tracking, and policy management. This integration enhances customer experience by providing transparency, reducing administrative delays, and building trust.

The Multishield Plan is fully compliant with the standards set by the National Health Insurance Authority (NHIA), underscoring AIICO’s commitment to regulatory standards, service excellence, and integrity. Beyond medical coverage, the plan aims to deliver peace of mind by shielding individuals and families from the financial impact of unforeseen health emergencies.

With this initiative, AIICO Insurance Plc reinforces its dedication to improving healthcare accessibility and affordability for all Nigerians, while encouraging professionals—especially in the media—to take charge of their health through preventive care and insurance coverage.

By Sola Alabadan

The National Insurance Commission (NAICOM) has called for the backing of the National Assembly to ensure that Nigerians comply with the provisions of the Nigerian Insurance Industry Reform Act 2025.

The Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Omosehin made this call during the stakeholders retreat convened by the House of Representatives Committee on Insurance and Actuarial Matters, in collaboration with the NAICOM in Maiduguri, Borno State.

He said “Without your backing, compliance will remain weak, and the promise of this law may not be realised. Let us seize this moment to build a future where insurance is not just a policy document, but a promise of security, resilience, and shared prosperity. Let us align our efforts—legislative, regulatory, and operational—to ensure that NIIRA 2025 delivers on its transformative potential.”

The insurance sector stands ready to partner with your government in deepening risk protection for public assets and supporting agricultural resilience.

Insurance-Agriculture Cooperation: A Strategic Imperative
Agriculture remains the backbone of Nigeria’s rural economy and a vital pillar of food security. Yet, it is also one of the most vulnerable sectors—exposed to climate shocks, pest outbreaks, and market volatility. Insurance offers a powerful tool to de-risk agriculture and empower our farmers.
Recent impact statistics show:
Over 1.47 million smallholder farmers have been covered under NIRSAL’s agricultural insurance schemes, with a target of 3.6 million by 2026.
In Q2 2025, 250,000 farmers were insured across eight states under federal initiatives.
Statistics has it that in North Central Nigeria, insured rice farmers recorded 11% higher productivity than their uninsured peers—averaging 20 bags/hectare compared to 18 bags/hectare.
Successful programs include:
Kaduna ginger farmers received payouts under the NAGS-AP scheme after suffering over 90% crop loss.
Livestock and encroachment insurance in Sokoto, Bauchi, Adamawa, and Plateau States are reducing farmer-herder conflicts.
Under NIIRA 2025, NAICOM aims to:
Expand index-based and parametric insurance for crops and livestock
Promote bundled insurance products with inputs and credits
Create a platform of collaboration for operators to partner with tech firms and agribusinesses to scale digital insurance delivery
Work with state governments to embed insurance into agricultural extension services
The theme of this retreat, “Navigating the New Era of Insurance Regulation: Understanding NIIRA 2025”, reflects our collective commitment to building a modern, inclusive, and resilient insurance ecosystem. NIIRA 2025 consolidates decades of fragmented legislation into a coherent framework that empowers regulators, protects consumers, and fosters innovation.

NIIRA 2025 is not just about regulation; it is about reimagining the role of insurance in our economy. The new legislation sets out to:
Modernise our frameworks in line with international standards.
Safeguards consumers via stronger disclosure, claim handling, and a Consumer Protection Fund.
Promote ethical conduct, transparency, and sound market practices through stronger governance and oversight.
Strengthened compulsory insurance to protect lives and property.
Broaden financial inclusion with microinsurance and Takaful.
Strengthened the financial health of insurance companies.
Push digitalisation for greater access, transparency, and trust.

In summary, this Act is a chance to shift insurance from being a niche service to being a pillar of Nigeria’s economic stability.

Breaking Down the Key Areas
1. Compulsory Insurance Enforcement

The gaps in compliance with the compulsory classes, such as Motor Third Party, Builders’ Liability, Group Life, Health, represents inadequate protection of citizenry and loss of revenue. NIIRA 2025 significantly strengthens the enforcement framework for Nigeria’s compulsory insurance categories. The Act introduces robust enforcement provisions, including clearer penalties for non-compliance and mechanisms for verification.
A key addition is the mandatory insurance coverage for government assets and employees, ensuring better protection of public resources and aiming to increase premium volume while setting a compliance framework. Legislative support is nevertheless essential in ensuring compliance by States and Agencies.

2. Agriculture and Climate Risk

Nigeria loses billions annually to floods, drought, and other climate shocks. Yet only a few of our farmers have insurance. With your support in budget appropriations and subsidies, we can de-risk agriculture sector, protect livelihoods, and strengthen food security. Disasters and accidents shouldn’t always drain public funds. With insurance, government can redirect resources to pressing priorities, hence insurance reduces fiscal burden.

3. Infrastructure and Public Assets

Every year, billions are spent on roads, housing, schools, and hospitals. Without insurance, one disaster can erase years of investment. With enforcement, government’s emergency expenditures can drop by up to 40%, freeing resources for other priorities like education and health. Insurance is a source of long-term capital. With stronger premiums, insurers can fund infrastructure bonds, housing, and industry.

4. Financial Soundness of Insurers

The Act introduces stricter capital and solvency rules which is geared towards strengthening insurers, mobilising funds/investments in infrastructure and industrial growth, and increasing insurance penetration in Nigeria.

5. Digitalisation and Consumer Protection

Trust has been a challenge in our market. Delayed claims discourage participation. By mandating digital processes, the Act introduces transparency and efficiency. Digital distribution is a framework for mobile and digital solutions to eliminate geographical barriers and reduce transaction costs. But to succeed, there is need for collaboration and alignments with laws on data protection and cybersecurity, and many others.

The Act also establishes a comprehensive consumer protection framework, prominently featuring Policyholder Protection Fund. This fund acts as a vital safety net, ensuring that valid claims are honoured even if an insurer faces insolvency, thereby protecting policyholders from financial loss.

6. We are also optimistic that the new legislation will bring millions of Nigerians into the financial safety net through its financial Inclusion provisions.
Microinsurance offers a Simplified, affordable products for low-income individuals with flexible payments and reduced documentation to increase accessibility.
Takaful is a Shariah-compliant alternatives based on mutual protection, expanding access for religiously sensitive populations.

Why Legislative Support Matters

Honourable legislators, the law has been passed, but now the real work has only just started. For this Reform Act to succeed, we request that your committee respectfully:
1. Exercise oversight to ensure MDAs comply with compulsory insurance.
2. Provide budgetary support.
3. Drive awareness and advocacy in your constituencies.
4. Facilitate harmonization of state policies with federal frameworks.