The National Insurance Commission (NAICOM) has called for the nationwide adoption and enforcement of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing it as “a national asset, not just a law.”
Speaking at the 2025 Stakeholders’ Retreat of the House Committee on Insurance and Actuarial Matters held in Maiduguri, Borno State, the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, said NIIRA 2025 represents a transformative framework that integrates insurance directly into Nigeria’s national development agenda.
“Insurance is not just about premiums and claims. It is about protecting lives, preserving government resources, and building an economy that can withstand shocks,” Mr Omosehin declared.
He explained that 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 collaborative platforms for operators to partner with technology firms and agribusinesses to scale digital insurance delivery, and work with state governments to embed insurance into agricultural extension services.
According to him, the theme of the retreat, Navigating the New Era of Insurance Regulation, reflects a 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,” he said.
Mr Omosehin noted that the retreat provides an opportunity to deepen understanding of NIIRA 2025’s provisions and implications, strengthen collaboration between legislators, regulators, and industry players, and explore partnerships with state governments for insurance coverage of government assets, agriculture, and infrastructure.
He highlighted that insurance in the agricultural sector now covers over 1.4 million smallholder farmers nationwide. “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 the second quarter of 2025 alone, 250,000 farmers were insured across eight states under federal initiatives,” he said.
Statistics, he added, show that insured rice farmers in North Central Nigeria recorded 11 per cent higher productivity than their uninsured counterparts, averaging 20 bags per hectare compared to 18 bags per hectare.
The Commissioner further emphasised that improved enforcement of insurance policies could reduce emergency government spending and increase public confidence in the industry. “Every year, billions are spent on roads, schools, and hospitals. Without insurance, one disaster can erase years of investment,” he said.
Mr Omosehin reaffirmed that NIIRA 2025 positions Nigeria’s insurance sector for sustainable growth, enhanced consumer protection, and international competitiveness.
