Industry leaders call for reforms to boost insurance sector
Senior policymakers, regulators, and industry leaders gathered at the Insurance Sector Transformation Consultative Forum 2026 to discuss ways to transform Nigeria’s insurance industry. The event, held on March 5, 2026, brought together key stakeholders to address challenges and propose strategies for growth. Prominent figures such as Senator Tokunbo Abiru, Olusegun Ayo Omosehin, Aigboje Aig-Imoukhuede, Yetunde Ilori, Bola Odukale, and Obi Ibekwe contributed to the discussions. The forum focused on rebuilding consumer trust, expanding insurance adoption, and fostering innovation in the sector.
TLDR
- The Insurance Sector Transformation Consultative Forum 2026 took place on March 5, 2026, uniting government officials, regulators, and industry leaders.
- Participants highlighted that insurance penetration in Nigeria remains below one per cent, despite gross written premiums reaching about ₦1.56tn in 2024.
- Stakeholders stressed the need for coordinated reforms, improved consumer education, and greater transparency in claims management.
- The forum explored the role of innovation, technology, and digital platforms in expanding insurance access and improving operational efficiency.
- Recommendations from the event will guide ongoing engagement with policymakers and the development of a roadmap to strengthen Nigeria’s insurance industry.
