Nigeria’s financial services leaders, top experts, and policymakers converged in Lagos for the inaugural Insurance Sector Consultative Forum.
The forum, sponsored by Rex Insurance Limited, brought together over 100 senior leaders, including regulators, operators, and legislators, to build a unified front for the transformation of an industry currently facing less than one per cent penetration in terms of GDP ratio.
Opening the discussions, stakeholders emphasised that advancing the insurance landscape is no longer the burden of a single entity but a shared national priority.
The event served as a strategic alignment for the industry on the reforms and actions necessary to unlock its full potential.
“The goal of transforming and advancing the insurance industry in Nigeria is a collective responsibility,” the experts noted during the session.
A major highlight of the forum was the focus on the Insurance Industry Reform Act.
Participants engaged in in-depth sessions to address regulatory hurdles and the historical lack of collaboration that has slowed the sector’s growth. The forum successfully produced a consensus-driven advocacy roadmap designed to guide future policy changes.
The Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Tokunbo Abiru, joined other influential figures like Aigboje Aig-Imoukhuede, Chairman of Coronation Group and Access Holdings, and Mr Olusegun Ayo Omosehin, the Commissioner for Insurance (NAICOM), to chart the new course.
“We just passed the Nigeria Insurance Industry Reform Act… The essence of this gathering goes beyond putting the law in place but to begin to implement the legislation,” Senator Abiru stated, stressing that implementation requires absolute cooperation among all players.
The forum served to strengthen the connections between insurers and policymakers, clarifying growth drivers and identifying the modern risks that the industry must now cover.
Speaking on the impact of the event, the Managing Director and Chief Executive Officer of Rex Insurance, Mrs Ebelechukwu Nwachukwu, expressed pride in the initiative’s success in fostering meaningful dialogue.
“We believe this collaborative platform will serve as a turning point in shaping a more resilient and innovative insurance industry, one that will provide real solutions to the challenges we face and support long-term growth,” Nwachukwu said.
She further noted that the forum has successfully laid the groundwork for actionable reforms: “The forum fostered meaningful dialogue between stakeholders, created a shared vision for the future, and laid the groundwork for actionable reforms that will impact the sector for years to come.”
As the sector prepares for a new era of risk management and digital transformation, Rex Insurance reaffirmed its dedication to providing world-class solutions.
“At Rex Insurance, we remain committed to supporting initiatives that strengthen the industry, promote sustainability, and improve the overall value we offer to our customers,” Nwachukwu pointed out.
The forum concluded with a commitment from all stakeholders to a unified vision for reform across the entire value chain, signalling a major shift toward a more transparent and consumer-focused insurance market in Nigeria.
