OPENING ADDRESS BY THE COMMISSIONER FOR INSURANCE / CHIEF EXECUTIVE OFFICER OF THE NATIONAL INSURANCE COMMISSION (NAICOM), MR. OLUSEGUN AYO OMOSEHIN, AT THE OCCASION OF THE 2026 NATIONAL INSURANCE BROKERS CONFERENCE AND EXHIBITION HELD AT SHEHU MUSA YAR’ADUA CENTER, ABUJA ON WEDNESDAY, 21 OCTOBER 2026 BY 9.OOAM
Theme: Insurance: Infrastructure Financing & National Development Agenda
PROTOCOLS
INTRODUCTION & WELCOME
It gives me great pleasure to join you today at the 2026 National Insurance Brokers Conference and Exhibition. On behalf of the Management and Staff of the National Insurance Commission (NAICOM), I commend the Governing Board and entire membership of the Nigerian Council of Registered Insurance Brokers (NCRIB) for convening this vital national dialogue.
The theme chosen for this year’s conference “Insurance: Infrastructure Financing & National Development Agenda” could not be more apt or timely. As Nigeria advances toward sustainable economic renewal and a multi-trillion-dollar economy, the imperative for long-term domestic capital formation and robust risk management mechanisms has never been clearer.
THE ROLE AND CONTRIBUTION OF INSURANCE BROKERS
Insurance brokers occupy a central and indispensable position within the Nigerian insurance ecosystem. As trusted risk advisors, intermediaries, and advocates for policyholders, brokers generate a significant portion of the total premium volume in our market.
Your contribution extends far beyond commercial transactions:
* Market Expansion & Penetration: Brokers serve as the primary bridge connecting policyholders to underwriting institutions, simplifying complex risks, and building public trust across corporate, public, and retail sectors.
* Risk Structuring for Capital Projects: As the nation undertakes mega-infrastructure projects in transport, energy, real estate, and industrialization, insurance brokers provide the technical expertise required to structure complex risk mitigation and risk transfer solutions.
* Professionalism & Consumer Protection: Through advisory services, risk auditing, and prompt claims negotiation, brokers ensure policyholders enjoy maximum value and protection.
NAVIGATING THE NIGERIAN INSURANCE INDUSTRY REFORM ACT (NIIRA)
This conference takes place at a historic junction in our regulatory history following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA).
NIIRA represents a total modernization of our legal and regulatory framework, designed to strengthen balance sheets, enforce sound market conduct, protect consumers, and accelerate insurance penetration.
For Insurance Brokers, this landmark legislation presents both a higher standard of accountability and unprecedented growth opportunities:
* Enhanced Professional Standards & Strict Governance: NIIRA introduces stricter market conduct requirements and elevated licensing regimes. Unlicensed activities, ethical lapses, and non-remittance of premiums carry far-reaching consequences. The Commission will strictly enforce these rules to protect consumer confidence.
* Digital Transformation & Innovation: The Act formally recognizes digital, electronic, and web-based insurance channels. Brokers are urged to leverage technology and InsurTech solutions to expand their market reach and streamline customer experiences.
* Unlocking Infrastructure Financing: NIIRA expands and enforces compulsory insurance classes while providing stronger frameworks for institutional investment. Brokers must position themselves as capital catalysts guiding infrastructure sponsors, contractors, and financiers on the compulsory and customized risks required for major national assets.
I encourage all delegates at this conference to actively deliberate on how the provisions of NIIRA can guide brokerage firms to build stronger governance structures, foster ethical market conduct, and scale up operations.
ALIGNING WITH THE NATIONAL INFRASTRUCTURE & DEVELOPMENT AGENDA
Infrastructural deficits cannot be bridged without sustainable risk management and local capital participation. Through pool funds, infrastructure bonds, and tailored risk guarantees, the insurance sector must step up as a key enabler of national development.
NAICOM remains fully committed to creating an enabling environment that encourages product innovation, capital growth, and market expansion. We expect NCRIB and its members to lead from the front by building strategic alliances across the banking, energy, manufacturing, and public infrastructure sectors.
CONCLUSION
I applaud the NCRIB leadership once again for organizing this impactful conference. NAICOM will continue to support the Council in upgrading professional skills, enforcing market discipline, and advancing the national growth agenda.
I urge us all to view this conference as an opportunity to move beyond discussions and develop practical recommendations that will strengthen the brokerage profession, advance the implementation of NIIRA 2025 and position insurance as a more effective instrument for infrastructure financing and national development.
Let us work together to build an industry that commands public trust, delivers value to policyholders and contributes meaningfully to Nigeria’s economic aspirations.
It is now my singular honor and privilege to formally declare open the 2026 National Insurance Brokers Conference and Exhibition.
I wish you fruitful, enriching, and impactful deliberations.
Thank you, and God bless the Federal Republic of Nigeria.
