NAICOM tasks Insurance Brokers on infrastructure financing, urges compliance with NIIRA

By Onu Okorie

The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, has called on insurance brokers to play a leading role in financing Nigeria’s infrastructure development through innovative risk management solutions, stronger industry partnerships and strict compliance with the Nigerian Insurance Industry Reform Act (NIIRA).
Omosehin made the call on Wednesday, October 21, 2026, while delivering the opening address at the 2026 National Insurance Brokers Conference and Exhibition held at the Shehu Musa Yar’Adua Centre, Abuja.
The conference, organised by the Nigerian Council of Registered Insurance Brokers (NCRIB), is themed “Insurance: Infrastructure Financing and National Development Agenda.”
The NAICOM chief said insurance had a critical role to play in mobilising long-term domestic capital, managing investment risks and supporting Nigeria’s ambition to build a sustainable and diversified economy.
According to him, the country’s infrastructure development aspirations cannot be achieved without effective risk management mechanisms and greater participation of domestic capital.
He described insurance brokers as indispensable players in the nation’s insurance ecosystem, noting that their roles extend beyond facilitating insurance transactions to providing professional risk advisory services, protecting policyholders and expanding insurance penetration.
Omosehin said brokers serve as a vital link between policyholders and insurance companies, helping businesses, public institutions and individuals understand complex risks and access appropriate insurance protection.
He added that brokers possess the technical expertise required to structure risk management and transfer solutions for major infrastructure projects across the transport, energy, real estate and industrial sectors.
The Commissioner also emphasised the importance of professionalism, risk auditing and prompt claims negotiation in ensuring that policyholders receive adequate protection and value for their insurance premiums.
NIIRA Introduces New Opportunities, Higher Standards
Addressing the implications of the Nigerian Insurance Industry Reform Act, Omosehin said the legislation represented a significant modernisation of the country’s insurance regulatory framework.
He explained that the Act was designed to strengthen insurance companies’ financial positions, improve market conduct, enhance consumer protection and accelerate insurance penetration.
For insurance brokers, he said, the new regulatory framework presented opportunities for growth alongside higher standards of accountability and professional conduct.
Omosehin warned that the Commission would strictly enforce regulatory requirements, particularly those relating to licensing, ethical conduct and the remittance of insurance premiums.
He noted that unlicensed operations, ethical violations and failure to remit premiums could undermine public confidence in the industry and attract serious regulatory consequences.
The Commissioner urged brokerage firms to strengthen their governance structures, uphold professional standards and ensure that their operations complied with the provisions of the new legislation.
He also encouraged brokers to embrace digital transformation and insurance technology solutions to expand their reach, improve service delivery and simplify customer experiences.
According to him, the formal recognition of digital, electronic and web-based insurance channels under the reform framework provides opportunities for brokers to reach underserved markets and improve the accessibility of insurance products.
Brokers Urged to Support Infrastructure Investment
On infrastructure financing, Omosehin said the insurance industry must position itself as a strategic partner in Nigeria’s national development agenda by supporting investment in critical infrastructure.
He identified mechanisms such as pooled insurance funds, infrastructure bonds and tailored risk guarantees as potential instruments through which the sector could contribute to financing development projects.
He stressed that infrastructure investment required effective risk management and increased participation by local capital providers to ensure sustainability.
The Commissioner said brokers should position themselves to advise infrastructure developers, contractors and financiers on the compulsory insurance requirements and customised risk protection needed for major projects.
He urged members of the NCRIB to build strategic partnerships with stakeholders in the banking, energy, manufacturing and public infrastructure sectors to unlock opportunities for the insurance industry.
Omosehin reaffirmed NAICOM’s commitment to creating an enabling regulatory environment that would encourage product innovation, strengthen capital formation and expand the insurance market.
He said the Commission would continue to support initiatives aimed at improving professional competence, promoting market discipline and positioning insurance as an effective instrument for national development.
NAICOM Seeks Practical Outcomes from Conference
The Commissioner challenged participants to move beyond discussions and develop practical recommendations that would strengthen the brokerage profession and support the implementation of the insurance reform legislation.
He said the conference offered an opportunity for industry stakeholders to examine how the provisions of NIIRA could be translated into stronger brokerage operations, improved governance and increased contributions to infrastructure financing.
Omosehin commended the NCRIB leadership for organising the conference, describing it as an important platform for dialogue on the future of insurance brokerage and the industry’s contribution to economic development.
He urged stakeholders to work collectively towards building an insurance industry capable of commanding public trust, delivering value to policyholders and contributing meaningfully to Nigeria’s economic aspirations.
The Commissioner subsequently declared the 2026 National Insurance Brokers Conference and Exhibition open, expressing hope that the deliberations would produce practical and impactful outcomes for the industry.
The conference brings insurance brokers and other industry stakeholders together to deliberate on the role of insurance in infrastructure financing, regulatory reforms, professional development and Nigeria’s broader national development objectives.