KEYNOTE ADDRESS BY THE COMMISSIONER FOR INSURANCE/CE, MR. OLUSEGUN AYO OMOSEHIN AT THE BUSINESSDAY INSURANCE CONFERENCE 2026 Theme: "From Capital to Capacity: Driving Growth, Innovation and Trust in Nigeria's Insurance Sector" Protocols 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 recapitalization. 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. The Moment Before Us 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 recognized 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....
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