The National Insurance Commission (NAICOM) has urged insurance brokers to strengthen their role in infrastructure financing and national development through improved risk management, professional standards and compliance with the Nigerian Insurance Industry Reform Act (NIIRA). The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, made the…...
The National Insurance Commission (NAICOM) has urged insurance brokers to strengthen their role in infrastructure financing and national development through improved risk management, professional standards and compliance with the Nigerian Insurance Industry Reform Act (NIIRA).
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, made the call on Wednesday at the 2026 National Insurance Brokers Conference and Exhibition held at the Shehu Musa Yar’Adua Centre in Abuja, with the theme, “Insurance: Infrastructure Financing & National Development Agenda.”
Omosehin said the conference was timely as Nigeria pursues sustainable economic growth, stressing the need for long-term domestic capital formation and effective risk management mechanisms.
“The theme chosen for this year’s conference ‘Insurance: Infrastructure Financing & National Development Agenda’ could not be more apt or timely,” he said.
He described insurance brokers as indispensable players in the insurance industry, noting that they serve as risk advisers, intermediaries and advocates for policyholders while generating a significant portion of the market’s total premium volume.
According to him, brokers also play important roles in expanding insurance coverage, structuring risk management solutions for major infrastructure projects and protecting consumers through advisory services, risk audits and claims negotiations.
The NAICOM chief said the enactment of the Nigerian Insurance Industry Reform Act marked a significant turning point in the regulation of the sector, with provisions aimed at strengthening financial capacity, improving market conduct, protecting consumers and increasing insurance penetration.
He warned that the new legal framework imposes higher standards of accountability on insurance brokers, particularly regarding professional conduct, licensing and premium remittance.
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“Unlicensed activities, ethical lapses, and non-remittance of premiums carry far-reaching consequences. The Commission will strictly enforce these rules to protect consumer confidence,” Omosehin said.
He also urged brokers to embrace digital transformation and InsurTech solutions, noting that the Act recognises digital, electronic and web-based insurance channels as opportunities to expand market reach and improve customer experience.
On infrastructure financing, Omosehin said the insurance industry must contribute more actively to addressing Nigeria’s infrastructure deficit through local capital participation, infrastructure bonds, pooled funds and tailored risk guarantees.
He called on members of the Nigerian Council of Registered Insurance Brokers (NCRIB) to establish strategic partnerships across the banking, energy, manufacturing and public infrastructure sectors to support national development.
“NAICOM remains fully committed to creating an enabling environment that encourages product innovation, capital growth, and market expansion,” he said.
Omosehin urged participants to develop practical recommendations that would strengthen the brokerage profession, support the implementation of NIIRA 2025 and position insurance as a more effective instrument for infrastructure financing.
He reaffirmed NAICOM’s commitment to supporting the NCRIB in improving professional skills, enforcing market discipline and advancing Nigeria’s economic development agenda.
The commissioner subsequently declared open the 2026 National Insurance Brokers Conference and Exhibition, expressing hope that the discussions would produce meaningful outcomes for the industry and the country.