Being the keynote address by Mr. Olusegun Omosehin. Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) at the BusinessDay Insurance Conference 2026.
Theme: “From Capital to Capacity: Driving Growth, Innovation and Trust in Nigeria’s Insurance Sector”
The Chairman and Management of BusinessDay Media Limited, distinguished captains of industry, esteemed insurance practitioners, regulators, policymakers, development partners, members of the media, ladies and gentlemen.
I am much glad to be here this to address this distinguished gathering at the BusinessDay Insurance Conference 2026. I commend BusinessDay for sustaining an important platform that has consistently stimulated robust dialogue on the future of insurance and its role in national development.
The theme of this year’s conference, “From Capital to Capacity: Driving Growth, Innovation and Trust in Nigeria’s Insurance Sector,” could not be more relevant than this period as the sector just concluded recapitalisation.
It speaks directly to the defining challenge of our time. It challenges us to move beyond measuring success merely by the volume of capital raised and instead focus on what that capital ultimately enables us to achieve. It reminds us that financial strength, while necessary, is not an end in itself.
The true purpose of capital is to create capacity; the capacity to underwrite risks, the capacity to pay claims, the capacity to innovate, the capacity to inspire confidence, and ultimately, the capacity to support economic growth and national prosperity.
Today, I wish to share my thoughts on how the Nigerian insurance industry can transform recent reforms into sustainable progress and how we can collectively build a sector that is stronger, more innovative, more inclusive, and more trusted than ever before.
Every generation encounters moments that redefine its institutions and reshape its future. Such moments rarely announce themselves with fanfare. They often arrive disguised as difficult decisions, ambitious reforms, and uncomfortable transitions.
I firmly believe that the Nigerian insurance industry stands at such a moment today.
For decades, our industry has been recognised as a sector with enormous potential but limited penetration. We have operated within one of Africa’s largest economies, yet insurance adoption has not always reflected the scale and vibrancy of our market.
This paradox has persisted despite remarkable contributions by insurers, brokers, agents, loss adjusters, reinsurers, and industry stakeholders.
The challenge before us has never been one of potential. Rather, it has been one of capacity, confidence, and trust. Therefore, as regulators, we have remained committed to ensuring that the industry develops the institutional strength necessary to support Nigeria’s economic aspirations.
The reforms we have pursued in recent years, particularly under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, were inspired by this vision. They were designed not merely to increase capital but to strengthen capacity, not to only create bigger balance sheets but to create stronger institutions, not merely to satisfy regulatory requirements but to enhance the industry’s ability to serve Nigerians more effectively.
- Capital as a Means, Not an End
When discussions about insurance reforms arise, attention often gravitates toward capital. Indeed, capital remains fundamental to insurance operations.
Insurance is a business built on promises. Every policy represents a commitment to stand by individuals, families, and businesses during periods of loss and uncertainty. Such commitments require financial strength.
An insurer cannot deliver confidence without adequate solvency.
An insurer cannot absorb significant losses without sufficient reserves.
An insurer cannot support national economic development without the capacity to underwrite large and complex risks.
This understanding informed our recapitalisation initiative.
However, let me emphasize that recapitalization was never intended as an end in itself. Capital without capacity is merely a number on a balance sheet.
Capital becomes meaningful only when it translates into better service delivery, stronger governance, technological advancement, prompt claims settlement, product innovation, and improved customer experiences.
The conversation must therefore evolve.
We must move from discussing how much capital has been raised to examining what that capital is accomplishing.
Has it strengthened underwriting capacity?
Has it enhanced claims-paying ability?
Has it improved customer satisfaction?
Has it increased public confidence?
These are the questions that truly matter.
- Building Capacity for Growth
Growth remains one of the most pressing imperatives for our industry. Nigeria’s economic landscape presents immense opportunities. Our expanding population, vibrant entrepreneurial culture, growing infrastructure investments, digital economy, agricultural transformation initiatives, and evolving middle class create enormous demand for risk protection solutions.
Yet these opportunities can only be seized by institutions possessing sufficient capacity.
Capacity means the ability to underwrite major infrastructure projects.
Capacity means retaining more risks within our domestic market.
Capacity means developing products that address emerging risks.
Capacity means extending insurance protection to underserved communities.
Capacity means supporting national development through risk management and financial stability.
As regulators, we are committed to creating an environment where such growth can flourish.
However, growth cannot be driven by regulation alone. It requires a collective commitment from every stakeholder within the insurance ecosystem.
Insurers must invest in people.
Boards must invest in governance.
Management teams must invest in innovation.
The industry must invest in public education.
Together, these investments will create the institutional capacity needed to unlock sustainable growth.
- Innovation as the Currency of Relevance
In today’s world, innovation is no longer optional it is the currency of relevance.
The expectations of consumers have changed dramatically.
The modern customer desires convenience, speed, transparency, personalisation, and simplicity.
Consumers increasingly compare their insurance experiences not only with other insurers but with technology companies, digital banks, e-commerce platforms, and telecommunications providers.
The implication is clear.
The future belongs to insurers that embrace innovation.
The future belongs to insurers that leverage technology to simplify processes.
The future belongs to insurers that use data analytics to better understand customer needs.
The future belongs to insurers that deploy artificial intelligence responsibly to enhance service delivery.
The future belongs to insurers that develop affordable and accessible solutions tailored to the realities of everyday Nigerians.
At NAICOM, we recognise the transformative potential of technology and innovation.
We remain committed to supporting initiatives that promote digital transformation, InsurTech development, inclusive insurance, product innovation, and operational efficiency.
Innovation must not be viewed merely as a competitive advantage.
It must be viewed as an obligation.
An obligation to make insurance simpler.
An obligation to make insurance more accessible.
An obligation to make insurance relevant.
Trust: The Industry’s Most Valuable Asset
Perhaps no subject is more important than trust.
Trust is the invisible foundation upon which the entire insurance industry rests.
Without trust, insurance penetration remains low.
Without trust, consumers hesitate to purchase policies.
Without trust, every sales effort becomes more difficult.
Without trust, growth remains constrained.
Building trust requires consistency.
It requires integrity.
It requires transparency.
Above all, it requires delivering on promises.
This is why NAICOM has placed renewed emphasis on consumer protection and claims settlement.
We have consistently maintained that claims payment is the most visible proof of insurance value.
The true test of any insurance company is not how many policies it sells.
The true test is how effectively it responds when policyholders need support.
Every settled claim strengthens confidence.
Every delayed claim weakens confidence.
Every fair settlement reinforces trust.
Every unresolved complaint erodes trust.
Our commitment remains unwavering.
We will continue to champion policies and initiatives that place policyholders at the center of insurance operations.
The industry’s future depends on it.
The Human Capital Imperative
As we talk about capacity, we must not overlook the most important asset in any organization: people.
Financial capital may create opportunities, but human capital transforms opportunities into results.
The future of Nigerian insurance will largely depend on the quality of professionals leading the industry.
We must invest in talent development.
We must strengthen professional education.
We must promote ethical leadership.
We must encourage continuous learning.
The risks confronting businesses today are becoming increasingly sophisticated.
Cyber threats.
Climate-related risks.
Supply chain disruptions.
Artificial intelligence risks.
Pandemic-related exposures.
Geopolitical uncertainties.
Managing such complexities requires highly skilled professionals equipped with modern competencies and global perspectives.
The industry’s capacity will ultimately be determined by the quality of its people.
Insurance and National Development
The insurance industry does not exist in isolation.
Its success is intertwined with the success of the Nigerian economy.
A strong insurance sector supports entrepreneurship.
It facilitates investment.
It protects businesses.
It enhances financial inclusion.
It promotes resilience.
It strengthens confidence within the broader financial system.
As Nigeria pursues ambitious economic transformation objectives, insurance must assume its rightful place as a strategic enabler of development.
This requires an industry capable of supporting large-scale projects, modern industries, and emerging sectors.
It requires institutions that inspire confidence among local and international investors.
It requires an ecosystem grounded in professionalism, innovation, and trust.
That is the future we envision.
A Shared Responsibility
Ladies and Gentlemen,
The journey from capital to capacity is not one that NAICOM can undertake alone.
It requires collaboration.
It requires partnership.
It requires leadership from every stakeholder represented in this room.
Regulators must provide vision and oversight.
Insurers must demonstrate innovation and operational excellence.
Brokers must deepen professional advisory services.
The media must continue to educate and inform the public.
Policyholders must engage with confidence and responsibility.
Together, we can build an industry that not only meets regulatory standards but exceeds public expectations.
Conclusion
As I conclude, let me return to the theme of this conference: “From Capital to Capacity: Driving Growth, Innovation and Trust in Nigeria’s Insurance Sector.”
This theme captures the essence of the industry’s next chapter.
The era of measuring progress by capital alone is behind us.
The future belongs to institutions that convert capital into capability, capability into innovation, innovation into trust, and trust into sustainable growth.
Our collective responsibility is clear.
We must build an insurance industry that is financially strong, technologically advanced, customer-focused, and globally competitive.
We must create an industry that inspires confidence.
An industry that delivers value.
An industry that supports Nigeria’s economic transformation.
An industry that fulfills its promise.
If we remain committed to this vision, future generations will look back on this period not merely as an era of reform, but as the moment when the Nigerian insurance industry truly came of age.
