NAICOM tasks insurance brokers on infrastructure financing,

The National Insurance Commission (NAICOM) has urged insurance brokers to deepen their involvement in infrastructure financing, strengthen corporate governance and embrace digital innovation to expand insurance penetration and support Nigeria’s economic development.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Ayo Omosehin, gave the charge on Wednesday at the 2026 National Insurance Brokers Conference and Exhibition in Abuja, where he said the insurance industry had a critical role to play in mobilising domestic capital and managing risks associated with major infrastructure projects.

Speaking at the conference organised by the Nigerian Council of Registered Insurance Brokers (NCRIB) at the Shehu Musa Yar’Adua Centre, Omosehin said the theme, “Insurance: Infrastructure Financing and National Development Agenda”, was timely as Nigeria pursued sustainable economic growth and its ambition of building a multi-trillion-dollar economy.

He said long-term domestic capital formation and effective risk management mechanisms were essential to achieving the country’s development objectives.

Omosehin described insurance brokers as indispensable players in the insurance ecosystem, noting that they connect policyholders with underwriting institutions, simplify complex risks and contribute significantly to premium generation in the market.

He said brokers’ responsibilities extended beyond commercial transactions to include risk advisory, structuring insurance solutions for major capital projects, protecting policyholders and facilitating claims settlement.

According to him, infrastructure investments in transportation, energy, real estate and industrial development require specialised insurance expertise to identify, assess and transfer risks associated with large-scale projects.

The commissioner said the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) had created a new regulatory environment designed to strengthen insurers’ balance sheets, improve market conduct, protect consumers and accelerate insurance penetration.

He urged brokers to align their operations with the legislation, stressing that its provisions imposed higher standards of accountability while creating opportunities for business expansion.

Omosehin warned that the commission would strictly enforce requirements relating to professional standards, licensing, ethical conduct and premium remittance to protect policyholders and sustain public confidence in the industry.

He also encouraged brokerage firms to adopt digital platforms and insurance technology solutions to broaden their reach, improve service delivery and simplify customer experiences.

According to him, the legislation’s recognition of digital and web-based insurance channels offers brokers opportunities to reach underserved markets and develop more efficient distribution models.

On infrastructure financing, Omosehin said the expansion and enforcement of compulsory insurance classes, alongside stronger frameworks for institutional investment, could help position the industry as a significant contributor to national development.

He urged brokers to advise infrastructure developers, contractors and financiers on appropriate insurance arrangements and risk protection for major projects.

The commissioner said Nigeria’s infrastructure deficit could not be addressed sustainably without effective risk management and greater participation by domestic capital providers.

He called on the insurance industry to explore mechanisms such as pooled funds, infrastructure bonds and tailored risk guarantees to support infrastructure development.

Omosehin reaffirmed NAICOM’s commitment to creating an enabling regulatory environment that promotes product innovation, capital growth and market expansion.

He also challenged the NCRIB and its members to build strategic partnerships with stakeholders in banking, energy, manufacturing and public infrastructure to expand the industry’s contribution to economic growth.

The commissioner urged participants to use the conference to develop practical recommendations for strengthening the brokerage profession and advancing the implementation of NIIRA 2025.

He called for greater collaboration among regulators, brokers and other industry stakeholders to build public trust, improve value for policyholders and position insurance as a more effective instrument for infrastructure financing.

Omosehin subsequently declared the 2026 National Insurance Brokers Conference and Exhibition open, urging delegates to translate their deliberations into actionable measures that would support Nigeria’s development ambitions.