Industry leaders at the 52nd African Insurance Organisation (AIO) Conference have called for bold regulatory reforms and digital innovation to close Africa’s insurance protection gap and unlock inclusive economic growth across the continent.

Participating in a high-level panel discussion, Mr. Olusegun Ayo Omosehin, Commissioner for Insurance/CEO of Nigeria’s National Insurance Commission (NAICOM), emphasised that Africa’s low insurance penetration represents a multi-billion-dollar opportunity rather than a limitation.

Despite the recorded gap in Africa’s insurance penetration, the continent already commands an estimated $68 billion premium pool, signaling strong underlying demand where access exists.

“The gap is not about willingness to pay—it is about our ability to design and distribute products that reach people where they are,” Omosehin stated.

A key theme of the discussion was that distribution failure—not lack of demand—is the primary driver of low insurance penetration. Traditional agent-based models fail to reach up to 90 percent of the addressable population, particularly in rural and informal sectors.

Panelists emphasized that scaling insurance across Africa requires a shift to: Mobile-first distribution, Embedded insurance models, Community-based delivery channels and Digital Infrastructure Unlocking Access.

Africa’s rapidly expanding digital ecosystem is enabling this transformation: Over 500 million mobile subscribers; More than 350 million mobile wallets. These platforms provide ready-made infrastructure for low-cost, scalable insurance distribution and claims payments.

The panel highlighted the importance of regulatory evolution in unlocking growth, particularly: Transitioning from rule-based to principles-based supervision, Implementing risk-based capital frameworks,  Expanding regulatory sandboxes for innovation

Nigeria’s NIIRA 2025 reform agenda was cited as a leading example, promoting flexibility, innovation, and proportional oversight.

Omosehin in his proposal to the challenge of balancing Innovation with Consumer Protection, expressed that whilst technology such as AI and blockchain is driving efficiency, he cautioned on emerging risks including: Data privacy, Cybersecurity threats, Algorithmic bias. Et cetera.

As a result, consumer protection and trust-building were identified as critical to scaling adoption.  “Innovation and consumer protection are not opposing forces—they are mutually reinforcing,” the panel emphasised.

The session concluded with a call for coordinated action across regulators, insurers, and technology providers to achieve: 3–5 percent insurance penetration within the next 5–7 years, expanded access to financial protection for underserved populations, and for a greater economic resilience across African economies

The panel underscored that Africa’s insurance sector is at a defining moment, where the convergence of regulatory reform, digital innovation, and market demand creates a unique opportunity to transform the industry.

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About the AIO Conference

The African Insurance Organisation (AIO) Conference is the continent’s premier platform for insurance leaders, regulators, and stakeholders to discuss industry development, innovation, and policy direction.

The National Insurance Commission (NAICOM) has appointed global professional services firm Ernst & Young (EY) as Consulting Actuary for the finalisation and implementation of Nigeria’s Risk-Based Capital (RBC) framework.

The appointment was formalised at a working meeting held today between NAICOM and EY in Abuja, as part of the Commission’s ongoing Risk-Based Capital Implementation project.

Speaking at the meeting, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, said the Commission has been progressively transitioning the Nigerian insurance sector toward a risk-based supervisory regime and capital structure.

“This strategic shift is aimed at strengthening financial stability and enhancing policyholder protection across the industry,” he stated.

He noted that following the recent enactment of enabling legislation and the ongoing Minimum Capital Requirement (MCR) recapitalisation exercise, NAICOM has accelerated efforts to operationalise an RBC framework tailored to the Nigerian insurance market.

The Commissioner explained that deployment of the RBC framework will be aligned with the conclusion of the current MCR exercise. Key next steps include Quantitative Impact Studies (QIS) and industry-wide data collection in the coming weeks.

These will support recalibration of key parameters, deepen stakeholder engagement, and inform the issuance of the final framework alongside comprehensive regulatory guidelines.

Under the engagement, EY will support NAICOM to accelerate implementation, strengthen internal technical capacity, and ensure the resulting regulatory framework is robust, transparent, and fit for purpose within the Nigerian market context.

In response, EY reaffirmed its commitment to delivering the assignment as a priority engagement. The firm will work closely with NAICOM and relevant stakeholders to develop a practical, implementable RBC framework and the necessary supporting tools for effective execution.

L-R: Mr. Jacob Irabor, Interim Managing Director; Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner, Finance and Administration, National Insurance Commission (NAICOM); Mr. Cyril Ajagu, Representative of the Shareholders; Rear Admiral Anthony Odogba Isa, New Board Chairman, African Alliance Insurance Plc; Dr. Haruna Mustapha, Outgoing Chairman, Interim Management Board,African Alliance Insurance Plc; Mr. Olusegun Ayo Omosehin, Commissioner for Insurance, National Insurance Commission (NAICOM); Dr. Usman Jankara; and Mr. Abayomi Olakunle Olukeye, New Managing Director, African Alliance Insurance Plc. 

The National Insurance Commission (NAICOM) has formally transferred operational control of African Alliance Insurance Plc to a newly constituted Board nominated by the company’s shareholders, following the successful conclusion of a regulatory intervention that commenced in October 2024.

The handover marks a significant milestone in restoring the company’s financial stability, safeguarding the interests of policyholders and annuitants, and repositioning the organisation for sustainable growth.

Background to the Regulatory Intervention

In October 2024, NAICOM intervened in African Alliance Insurance Plc after the company faced severe liquidity challenges, a backlog of unsettled claims particularly annuity obligations regulatory breaches, and reputational damage that threatened its continued existence and undermined policyholder confidence.

To address these challenges, NAICOM appointed an Interim Management Board (IMB) and an interim management team, with a clear mandate to stabilise the company, unlock liquidity, settle outstanding liabilities, conduct forensic and actuarial reviews, and restore stakeholder confidence. 

Regulatory Reforms and Policyholder Protection.

Speaking during the handover ceremony, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, highlighted the transformative impact of the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025.

He noted that the legislation strengthens regulatory oversight, enhances public confidence, and supports deeper insurance penetration in Nigeria.

A major milestone under the Act is the establishment of the Insurance Policyholders Protection Fund (IPPF) a landmark mechanism designed to provide financial relief to policyholders in the event of insurer distress, insolvency, or liquidation. The Fund represents a significant advance in consumer protection and aligns Nigeria’s regulatory framework with global best practices.

Mr. Omosehin observed that if the IPPF had been operational prior to the challenges that affected African Alliance Insurance Plc, it could have played a critical role in cushioning the impact on policyholders by facilitating the timely settlement of legitimate claims and annuity obligations. This, he noted, would have reduced uncertainty and strengthened confidence during the transition period.

Expectations for the New Board

The Commissioner charged the newly constituted Board OF Directors to work collaboratively with shareholders while upholding the highest standards of corporate governance, regulatory compliance, and operational transparency. He emphasized the importance of sustaining policyholder confidence through prompt claims settlement, sound solvency management, and prudent business practices.

He further directed the Board to:

• Strengthen corporate governance structures
• Restructure portfolios
• Update and reconcile policyholder records
• Reinforce transparency and accountability

Remarks by the Outgoing Interim Management

In his remarks, Dr. Haruna Mustapha, Chairman of the outgoing Interim Management Board, expressed appreciation to NAICOM for its guidance and support throughout the intervention period.

He assured stakeholders that the new Board would build on the progress achieved and sustain a culture of regulatory compliance, sound risk management, and strong corporate governance.

Some of Key Achievements of the Interim Management Board

During its tenure, the NAICOM-appointed Interim Management Board recorded significant milestones, including:

• Liquidity Restoration and Settlement of Arrears:

Secured trapped dividend funds and other inflows, enabling the settlement of a substantial backlog of annuity arrears at one point up to 15 months as well as numerous legacy claims, thereby protecting vulnerable annuitants and policyholders.

• Strategic Asset Realisations:

Successfully executed the competitive sale of 49% of the company’s stake in an investment, achieving a material improvement over prior offers and unlocking funds to meet pressing liabilities and operational needs.

• Transfer of Annuity Portfolio:

Facilitated the transfer of the admitted annuity portfolio to a capable underwriting institution through a transparent process, ensuring continuity of payments to beneficiaries and reducing liquidity pressure on the company.

• Forensic and Actuarial Reviews:

Completed a comprehensive forensic and actuarial audit covering recent financial periods, with findings submitted to NAICOM to enhance transparency and guide governance and risk reforms.

• Corporate Housekeeping and Compliance:

Concluded outstanding audits, addressed regulatory breaches, settled selected legacy liabilities, resolved legal impediments including disputes affecting dividend income and advanced preparation for IFRS 17 compliance.

• Operational Stabilisation:

Implemented critical operational measures, including remediation of ICT vulnerabilities, and maintenance of essential business functions, thereby preserving enterprise value and preparing the company for relaunch.

Regulatory Oversight and Handover Conditions

NAICOM emphasised that while the handover reflects the success of the stabilization programme, African Alliance Insurance Plc will remain under regulatory oversight as solvency levels, recapitalisation progress, and compliance with prudential standards continue to be closely monitored.

The company now have a new Managing Director in the person of Mr. Abayomi Olakunle Ogunkeye and a new Chairman in the person of Rear Admiral Anthony Odogba Isa.

Leadway, Nigeria’s leading non-banking financial and wellbeing conglomerate, has doubled down on its support for the growth of Nigeria’s creative industry and SMEs with the sponsorship of the largest leather exhibition in Nigeria, the Lagos Leather Fair (LLF), for the fourth consecutive year.

The Lagos Leather Fair, now in its ninth edition, is set to hold on June 27 and 28, 2026, at the EPAC Center, Victoria Island, Lagos, under the theme: “Beyond the Hide: Scaling Value, Building Industry, Driving Growth.”

This edition will focus on strengthening Africa’s creative and craftsmanship industry and accelerating value creation across the manufacturing chain, a direction that aligns with Leadway’s corporate ethos.

Additionally, Leadway’s support reflects the group’s broader vision of enabling business resilience and sustainable growth for Nigerian enterprises, particularly by advancing Nigeria’s leather and creative manufacturing ecosystem, which has been instrumental in fostering Nigeria’s global soft power and actualising the country’s export potential.

Commenting on behalf of Leadway Group on Lagos Leather Fair, MD/CEO, Leadway Pensure, Olusakin Labeodan, said: “SMEs are the critical drivers of Nigeria’s economic growth, innovation, and generational wealth creation. The leather industry provides huge opportunities for our young entrepreneurs and creative minds to be part of a vibrant, resilient and incrementally growing value retention economy, and this aligns strongly with Leadway’s commitment to enabling sustainable enterprise growth on the continent.”

According to a 2025 UNIDO report, Nigeria processes over 750,000 metric tonnes of raw hides and skins annually, much of which is exported as low-value raw material, highlighting a significant opportunity for value retention and industrial development within the sector. “It is within ecosystems such as this, where the potential for transformation is high, that Leadway continues to deepen its engagement and support,” he further stated.

As part of its sponsorship, Leadway will engage stakeholders at the event and showcase financial solutions tailored to the needs of individuals, SMEs and creative businesses, highlighting the brand’s consistent dedication to equipping entrepreneurs with the tools, knowledge, and resources they need to build resilient businesses, navigate challenges, and achieve sustainable long-term growth.

The Lagos Leather Fair, launched in 2017, has grown into a key industry platform within Africa’s leather value chain. Over the years, it has brought together designers, manufacturers, suppliers, and stakeholders across the ecosystem, supporting businesses and promoting social culture, engagement, and quality networks amongst business owners.

About Leadway Group

Leadway is a financial services group with a strong market presence and expertise in insurance, pensions, asset management, trusteeship, and investment solutions.

Since 1970, Leadway has grown from a traditional insurer into a broadbased platform with interests across general and life insurance, pensions, wealth management, health insurance, and hospitality. For more than five decades, the Group has been known for reliability, integrity, innovation, and strong governance.

It provides solutions that help individuals and institutions protect, grow, and transfer wealth. Today, Leadway oversees a portfolio of businesses and is considered one of Nigeria’s most trusted and resilient financial services groups.

West Africa’s leading insurance and technology conference, Insurance Meets Tech (IMT), has officially announced the return of its flagship yearly event.

The 5th edition, tagged IMT 5.0 and themed “Building Insurance That Connects,” is scheduled to be held on Thursday, September 18, 2026, at the Balmoral Convention Centre, Sheraton Hotel, Ikeja, Lagos.

Insurance Meets Tech was created by Creato Urban, one of Africa’s leading strategic communications agencies, in response to the urgent need for a cross-industry dialogue that delivers practical, actionable solutions for the insurance sector.

By bringing together stakeholders across multiple interconnected industries, the platform has consistently worked to accelerate industry growth through technology-driven collaboration, fostering greater customer acquisition, engagement, and overall value creation.

Since its debut in 2021, IMT has grown into one of the most respected platforms for insurance innovation in West Africa, nurturing partnerships, promoting knowledge exchange, and driving a decisive shift toward digital-first insurance processes across the region.

This year’s edition, IMT 5.0, goes beyond the familiar conversation about how technology can serve insurance to one that boldly bridges the gap between innovation and real-world impact.

The convening will explore how cutting-edge solutions can be deeply embedded in insurance products, processes, and customer experiences, thereby making Insurtech not just relevant but a force that can no longer be ignored. The conference is expected to attract founders, CEOs, Industry experts, SMEs, policymakers, brilliant young minds, and customers who have a stake in the insurance landscape and its ever-evolving relationship with technology.

Speaking on the announcement, Odion Aleobua, Convener of Insurance Meets Tech, said, “As we reflect on the progress of a newly reformed and recapitalised insurance industry, we must ask if we are truly making this transformation meaningful for the people it was designed to serve?

That question is the foundation of everything IMT 5.0 represents, and why we chose the theme ‘Building Insurance That Connects.’

Connection is the critical gap we must close. Between insurers and their customers. Between technological innovation and genuine trust. Between ambitious ideas and the tangible impact they must create in people’s lives.

IMT 5.0 is a deliberate response to that gap. We are convening builders, underwriters, domain experts, regulators, and customers in one space because the future of insurance in Africa will not be architected in isolation. It will be shaped in forums like this, where consequential conversations take place, strategic partnerships are forged, and bold ideas are given the platform they deserve to become reality,” he added.

Participants can expect high-impact keynote presentations, innovative showcases, panel discourse, customer engagement, and strategic networking sessions designed to confront the forces reshaping insurance across Nigeria and the continent, from digitisation and artificial intelligence to financial inclusion and customer-centric product design.

Over five years, Insurance Meets Tech has transformed from a compelling idea into a movement. This fifth edition builds on that legacy with greater ambition, broader reach, and an astute commitment to creating connections between industries, people, ideas, and impact that will define the future of insurance in Africa and beyond.

About Insurance Meets Tech (IMT)

Insurance Meets Tech (IMT) is West Africa’s leading annual insurance and technology conference, dedicated to promoting collaboration between the insurance industry and the technology ecosystem.

Through conferences, thought leadership, networking, and strategic partnerships, IMT serves as a gateway for digital transformation, industry growth, and customer-centric innovation within the insurance sector.

Heirs Insurance Group, Nigeria’s fastest growing insurance group, has expanded its Rewards & Loyalty Programme to include corporate clients, enabling employers to offer additional lifestyle and wellness benefits to their workforce as part of their employee value proposition.

The expansion, which comes on the heels of the group’s fifth year anniversary, follows the successful rollout of the programme to retail customers and reinforces the Group’s commitment to delivering greater value and innovation beyond traditional insurance coverage.

Under the enhanced programme, organisations whose Group Life Insurance schemes are administered by Heirs Life Assurance can now offer their employees access to an expanding network of partner benefits and exclusive discounts across healthcare, wellness, lifestyle, hospitality, emergency response, and other essential services.

The programme is also now available to all active retail customers with an annual premium threshold of just ₦15,000, further broadening access to value-added services and supporting the Group’s mission of making insurance more rewarding and accessible.

Customers can enjoy discounts of up to 50% through a network of trusted partners, including Oriki Spa, PureFitness, Happy Coffee, 3AL, AA Rescue, Roving Heights, AutoFixr, Transcorp Hilton Abuja, SoFresh, Avon Medical, and Emergency Response Africa. The expanded partner ecosystem complements existing benefits across food, beverage, hospitality, wellness, healthcare, media, and other lifestyle services.

Commenting on the initiative, Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group, said: “At Heirs Insurance Group, we continuously explore innovative ways to deliver value beyond insurance protection. By extending our Rewards & Loyalty Programme to corporate clients, we are helping employers enhance employee wellbeing while ensuring our customers enjoy meaningful everyday benefits from their relationship with us.”

The move reflects growing demand among employers for holistic employee benefits that support wellbeing, financial security, and quality of life, while also strengthening customer engagement and loyalty.

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

A recent study – Nigeria’s Credit Landscape Report 2025 – has revealed a striking paradox in the nation’s financial ecosystem, revealing that while more Nigerians are becoming financially included, only about 6% of adults currently access credit through formal financial institutions.

Published by Credit Direct in June 2026, the report highlights that although more than 64% of Nigerian adults are financially included, formal credit penetration remains significantly low. Credit to the Nigerian private sector stands at just 13.1% of GDP, well below peer African economies such as Kenya and South Africa. The findings point to persistent barriers to credit access for households, entrepreneurs and small businesses, despite improving economic conditions and growing business activity across key sectors of the economy.

The report also notes that Nigeria’s real sector recorded sustained expansion throughout 2025, with manufacturing, services and agriculture posting positive growth indicators, creating increased demand for working capital and business financing.

Reacting to the findings, Mutual Benefits Assurance Plc said the report reinforces the urgent need for a more holistic approach to financial inclusion, one that combines access to finance with savings, insurance protection and long-term financial planning.

The leading insurer noted that while access to credit remains important for economic growth, financial protection mechanisms are equally essential in helping individuals and businesses withstand economic shocks.

Through its diverse portfolio of solutions, Mutual Benefits continues to provide Nigerians with tools to build, preserve and protect wealth. These include education-focused protection plans, life assurance products, savings-oriented solutions, motor and property insurance and business protection products designed to safeguard livelihoods and future goals.

According to the Managing Director, Mutual Benefits Assurance Plc, Femi Asenuga: “The conversation around financial inclusion must go beyond opening bank accounts and accessing loans. True financial empowerment is achieved when individuals and businesses can access financing opportunities while also protecting their income, assets, families and future aspirations from unforeseen risks.

“For many Nigerian families and business owners, a single unexpected event such as a medical emergency, fire incident, business disruption or loss of income, can erase years of financial progress. This is why insurance and disciplined savings remain critical pillars of long-term financial resilience.”

The report further reveals that Microfinance Banks account for only 5.4% of Nigeria’s total loan book, underscoring the need for stronger support for SMEs and underserved communities that often struggle to access conventional bank financing.

As part of its commitment to advancing financial inclusion, Mutual Microfinance Bank continues to deliver accessible financing solutions tailored to the needs of small businesses, traders, salary earners, entrepreneurs and emerging enterprises across Nigeria. As at December 31, 2025, the Bank had disbursed loans totaling N1.372 billion, further strengthening access to formal credit for individuals and businesses across its target segments. This growth trajectory continued into 2026, with the loan portfolio rising to N1.558 billion by the end of Q1 2026, reflecting sustained momentum in supporting productive economic activity

Asenuga added: “Small businesses remain the backbone of Nigeria’s economy, yet many continue to face significant barriers in accessing affordable financing. Through Mutual Microfinance Bank, we are helping to bridge this gap by providing flexible financial solutions that enable entrepreneurs to grow, create jobs and contribute meaningfully to economic development.

“At the same time, we encourage individuals and businesses to think beyond borrowing by adopting a culture of saving, risk management and financial protection. Sustainable prosperity is built not only by generating income but also by protecting it.”

With economic activity expected to strengthen further and demand for financing projected to increase across several sectors, Mutual Benefits believes that the future of financial inclusion in Nigeria will depend on creating an ecosystem where access to credit, savings and protection work together to improve financial well-being.

The company reaffirmed its commitment to supporting Nigerians through innovative insurance solutions and accessible financial services that empower individuals, families, and businesses to build resilience, pursue opportunities confidently, and achieve lasting financial security.

Mutual Benefits Assurance Plc is one of Nigeria’s leading insurance companies with over 30 years of experience in providing reliable and innovative life and non-life insurance solutions to individuals, families and businesses. Through innovation, customer-centricity and a commitment to financial inclusion, the company continues to deliver value, protection and peace of mind to customers across Nigeria.

On its part, Mutual Microfinance Bank is committed to expanding access to financial services for individuals, micro-enterprises and small businesses through innovative savings products, accessible financing solutions and customer-focused banking services that promote economic empowerment and financial inclusion.

L-R: Mrs. Bola Odukale, Director General, Nigerian Insurers Association (NIA); Mr. Babatunde Fajemirokun, Managing Director/CEO, AIICO Insurance Plc, Chairman, Investiture Organising Committee; Mrs. Ebelechukwu Nwachukwu, Managing Director/CEO, Rex Insurance Limited and incoming Chairman, NIA; Mr. Olamide Olajolo, Managing Director/CEO, Coronation Insurance Plc and Chairman, Investiture Publicity Committee and Mr. Lanre Ojuola, Director of Operations, NIA, during the pre-investiture press conference held at the NIA House, Victoria Island, Lagos.

Mrs. Ebelechukwu Nwachukwu, the Chairman-Elect of the Nigerian Insurers Association (NIA) has unveiled her three-point agenda designed to spur sustainable growth of the insurance industry during her tenure in office.

At a media engagement yesterday in Lagos, Nwachukwu, who is also the Managing Director/CEO of REX Insurance Company Limited, named insurance penetration, creation of better insurance understanding and partnership with government institutions as her priority areas:

• First: Deepening Insurance Penetration through Collaboration

We have long spoken about our low penetration rate. The new Act gives us the capital strength to innovate. But capital alone is not enough. We need partnerships – with banks, fintechs, microfinance institutions, and even non-financial platforms. The presence of the MD/CE of Fidelity Bank as Chairman of my investiture is a deliberate signal: I will pursue strategic alliances with banks and other financial institutions to distribute insurance products, leverage digital channels, and reach the millions of Nigerians and small businesses that have been left out. This is how we will move insurance from a niche product to a mass market essential.

• Second: Creating a Better Understanding of Insurance

One of the NIA’s clearest objectives is “to create a better understanding of insurance by all sections of the community.” Trust deficits exist largely because people do not understand what insurance truly offers. My tenure will focus on one thing: making insurance understandable to every Nigerian. We will simplify claims, clarify policy language, and share real stories of insurance at work, protecting families and businesses. Because when people understand insurance, they trust it. And when they trust it, they buy it.

• Third: Advising Government and Assisting Members with Compliance

The NIA has a statutory responsibility to advise government on insurance-related legislation and to assist members in complying with regulations. With the new Act’s implementation, this role becomes critical. I will ensure that the NIA serves as a credible, constructive partner to regulators, providing technical input, flagging implementation challenges, and advocating for policies that support a healthy, competitive industry. 

A Renewed Commitment

As the industry evolves under the new Insurance Act, our focus must be clear:

• Collaboration with banks, fintechs and other financial institutions to expand distribution;
• Better understanding of insurance among the Nigerian public through sustained programmes to drive enlightenment, enforcement and insurance adoption by both the private and public sector;
• Stronger industry standards and compliance support for our members;
• Expanded access that brings insurance closer to every Nigerian, urban and rural alike.