Connect with us

Business

NIA Charges Insurers To Proactively Adapt, Innovate To Remain Relevant

Published

on

In consideration of the rapid technological advancements and evolving societal needs, the Nigerian Insurers Association (NIA) has charged Insurance operators to proactively adapt and innovate to stay ahead of the curve.

The Chairman of NIA, Mr. Kunle Ahmed gave this charge at the 2025 CEOs retreat held on Thursday in Lagos. The theme of the retreat is “Digital Disruption and Social Innovation: Reshaping Our Traditional Models”.

Digital disruption is a force that has already begun to transform the way we conduct business, communicate, and serve our customers. From artificial intelligence and blockchain to big data and the Internet of Things, these emerging technologies offer unprecedented opportunities to enhance efficiency, improve customer experiences, and create new business models.

However, with these opportunities come challenges that require us to rethink our traditional approaches and embrace change with agility and foresight. Our insurance industry, known for its rich history and established practices, must now embrace the wave of digital transformation to remain relevant and competitive.

As we discuss digital disruption, I urge you to consider the following questions: How can we leverage technology to better understand and serve our customers? How can we harness the power of data to drive decision-making and innovation? Most importantly, how can we create a seamless and integrated digital experience that not only meets but exceeds customer expectations?

Equally important is the role of social innovation in reshaping our industry. As insurers, we have a responsibility to address the evolving needs of our diverse communities and ensure that our services are inclusive, accessible, and beneficial to all. Social innovation challenges us to think beyond profit margins and focus on creating positive social impact.

Inclusive insurance, for instance, aims to provide financial protection to underserved and vulnerable populations. By developing products that cater to the unique needs of these communities, we can foster financial inclusion and resilience. Similarly, sustainable insurance practices can help mitigate the impacts of climate change and promote environmental stewardship.

As we explore the concept of social innovation, I encourage you to reflect on the following: How can we design insurance products that are not only profitable but also socially impactful? How can we engage with stakeholders to drive collective action towards sustainability? And how can we measure and communicate the social and environmental benefits of our initiatives?

The journey of digital disruption and social innovation is not one that we can embark on alone. It requires collaboration, partnership, and a shared vision for the future. As industry leaders, we must work together to foster a culture of innovation, openness, and continuous learning. We will, therefore, be engaging with thought leaders, industry experts, and innovators who will engage in insightful discussions, share best practices, explore new strategies to harness the potential of digital disruption and social innovation, and also share their perspectives on our industry’s future.

We will also hold a workshop on AfCFTA, where the conversation will revolve around unlocking the opportunities AfCFTA has to offer our industry. The Insurance Industry AfCFTA Committee will anchor the discussions, and our Commissioner for Insurance is scheduled to participate in the conversations.

Finally, we are going to have a session, the Open Forum, to keep CEOs updated on some activities/topics in the last couple of months which will likely lead to taking important decisions on the way forward. Some of the topics include the following amongst others.

– Invitations by the Committees in the House of Representatives

– Engagements with Airlines Owners

– Nigerian Tax Reform Bill 2025

– Nigerian Insurance Industry Reform Bill 2025

– Enforcement of the Third-Party Insurance policy

– Nigerian Insurance Industry Portal

– Claims

– Ecowas Brown Card

– Various Circulars from our Regulator

In conclusion, let us seize this opportunity to learn, collaborate, and drive positive changes in our industry. The future of insurance is bright, and it is up to us to shape it with vision, innovation, and a commitment to social good.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Ghana’s Delegation In Nigeria To Marine Cargo Sector

Published

on

By

Commissioner for Insurance, Olusegun Omosehin received delegates from Ghana's Marine Cargo Technical Committee on a study tour of Nigeria's marine cargo sector at his office in Abuja recently. The delegation was led by Mr. Fred Asiedu-Darteh of Ghana Shippers' Authority.

Continue Reading

Business

Stakeholders Assess Progress, Challenges In Implementing Building Insurance Regulations

Published

on

By

The National Insurance Commission (NAICOM) convened the fourth meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction recently in Abuja.
The meeting, chaired by the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, brought together stakeholders to discuss progress and challenges in implementing insurance regulations for public buildings and buildings under construction.

In his opening remarks, Mr. Gam-Ikon welcomed new members from the quantity surveying profession and briefed the committee on NAICOM’s enforcement efforts, which have commenced with third-party motor insurance and are expanding to public buildings and buildings under construction. He emphasized the importance of collaboration with regulatory agencies and highlighted the commission’s focus on claim settlement, citing the example of a fire incident at a Cash and Carry supermarket where insured parties received prompt claim payments.

The committee discussed implementation progress, with the representative from Development Control indicating that they have started enforcing insurance requirements since January 2025 but are awaiting necessary documents to commence full enforcement. Other stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service, shared their perspectives on the importance of complete documentation, risk assessment, and insurance coverage.

The Chairman of the joint committee, Mr. Gam-Ikon, urged Development Control to establish a database of public buildings and buildings under construction and ensure that only buildings with approved documents are insured. Dr. Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, thanked committee members for their support and participation.

The meeting underscored the importance of collaboration and effective implementation of insurance regulations to promote safety and risk management in the construction industry.

Continue Reading

Business

emPLE Partners LASPARK For Tree Planting Initiative

Published

on

By

emPLE has officially flagged off Green emPLE, its company-wide sustainability initiative, with a tree-planting exercise held in partnership with the Lagos State Parks and Gardens Agency (LASPARK) in Lagos.
As part of the launch, emPLE planted 65 trees across strategic locations in Lagos. The carefully selected tree species were chosen for their environmental benefits such as improving air quality, reducing urban heat, and enhancing the city’s ecological balance.
Speaking at the event, Oyinlade Olalekan, Managing Director of emPLE General Insurance Limited, remarked,
“At emPLE, we’re deeply committed to empowering lives—not just through our financial offerings but by actively contributing to a more sustainable world. The launch of Green emPLE and today’s tree-planting activity are key steps in that journey. Sustainability is one of our core values, and we’re proud to be playing our part in building a cleaner, greener Lagos.”
He added,
“We see Green emPLE as a platform for driving real impact, one initiative at a time. This partnership with LASPARK is only the beginning. We look forward to rolling out more activities that reinforce our mission and encourage others to join us in protecting the planet.”
Mrs. Adetoun Popoola, General Manager of LASPARK, also commended the initiative, saying:
“Our mandate at LASPARK is to promote a greener Lagos through tree planting and urban beautification. It’s always encouraging to see private sector organisations like emPLE step forward in support of this mission. Collaborations like this help us get more done and inspire residents and businesses alike to take sustainability seriously. We are excited about what Green emPLE represents and we look forward to more impactful partnerships.”
To acknowledge emPLE’s contribution, LASPARK presented the company with a Tree Planting Certificate, recognising its role in environmental preservation and its ongoing support for climate resilience and green urban development.
Green emPLE is emPLE’s long-term commitment to promoting sustainable practices that support a healthier planet and empower future generations. The initiative reflects the company’s belief that true empowerment goes beyond financial products it includes taking responsibility for the environment and driving long-term positive change.

Continue Reading