The National Insurance Commission (NAICOM) has urged actuaries to design effective risk management strategies and develop products that meet society’s evolving needs.
Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, made the call at the 2025 Annual Conference of the Nigerian Actuarial Society (NAS) yesterday in Lagos.
The conference, which brought together professional actuaries, insurers, academics, and students, has the theme: “Creating Value and Building Resilience in an Evolving Industry”.
Omosehin, represented by Dr Usman Jankara, Deputy Commissioner (Technical), NAICOM, stated that as the industry faces challenges such as climate risk, cyber threats, and health system vulnerabilities, the actuarial profession must continue to innovate and lead.
He noted that actuaries play a critical role, as their expertise in risk modeling, data analytics, and long-term financial planning is essential to ensuring that insurance products remain sustainable, inclusive, and responsive to major risks.
Omosehin said that the conference’s theme remained relevant as the Nigerian insurance sector continued to undergo significant transformation driven by technological innovation, shifting consumer expectations, and evolving regulatory frameworks.
He said, “It is reassuring to note that the industry has shown tremendous resilience and growth. As of Q1 2025, Nigeria’s insurance sector recorded a 63 per cent increase in gross premium income compared to Q1 2024, reaching N769.2 billion in just the first three months of 2025.
“This growth reflects market confidence and increasing relevance of insurance in the Nigerian economy. In the same period, the industry’s total asset stood at N4.12 trillion, underscoring a stronger financial foundation of the industry.
“These figures represent a positive improvement in the industry’s loss ratio when compared to Q1 2024, it also represents 89.1 per cent of total reported things, indicating improved responsiveness of the industry to stakeholders.”
According to him, NAICOM was committed to fostering a regulatory environment, supporting innovation, protecting policy makers, ensuring transparent processes, and promoting long-term industry sustainability.
He said that the commission was committed to strengthening supervisory framework, encouraging digital transformation and supporting inclusive insurance movement.
“Given Nigeria’s youthful tech savvy population, Nigeria is well positioned to lead in digital insurance.
“To seize this opportunity, we must invest in talent, or put global standards, and foster a culture of continuous learning and ethical leadership, while exploring new opportunities such as insurance,” he said.
The CFI said as part of NAICOM’s strategy, the guidance for insure -tech operations in Nigeria had been concluded and about to be issued.
He added that the commission had also launched the Actuarial Capacity Development Initiative, which is intended to build actuarial talent and efforts on going to India.
The commissioner, however, noted that there were a lot of challenges, including funding, but the commission was actively engaging development partners, such as the Afrikari Foundation, GIZ, UNDP, and other international donors to secure funding and support for the initiative.