Representatives of the Organized Private Sector of Nigeria (OPSN) has met with the National Insurance Commission (NAICOM) this week, joined by delegates from relevant federal ministries, to discuss coordinated implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the development of sector-specific insurance products for the maritime and petroleum industries.
The Chairman of OPSN’s Insurance Tech Committee and leader of the delegation, Dr. Alban Igwe, said the engagement follows months of stakeholder consultations across the maritime and petroleum value chains, including freight forwarders, transport associations, retailers and underwriters.
He described the visit as a regulatory dialogue on how to operationalize NIIRA 2025 provisions and roll out insurance solutions to close long standing gaps in compensation and risk transfer.
Mandated by the Ministries of Petroleum and Blue Economy, the private sector led initiative has brought together umbrella bodies such as the Nigerian Chamber of Commerce, the Manufacturers Association of Nigeria, the National Association of Small Scale Industries, and trade associations in transport and petroleum distribution.
OPSN identified two priority tracks, one of which is maritime products to mitigate container and cargo losses and speed compensation to affected parties.
The second is petroleum products to provide public liability and commission liability cover for retail distribution and transit risks, with attention to tight retail margins and pricing templates.
The Commissioner for Insurance, Olusegun Omosehin welcomed the initiative and reiterated NAICOM’s commitment to work with stakeholders on NIIRA 2025 implementation.
He noted that the Commission is responsible for issuing frameworks, guidelines and premium determinations for compulsory products under the law, and stressed that technical proposals must fall within the regulator’s remit and uphold consumer protection, fairness and justification for proposed measures.
The meeting concluded with agreement to establish a technical working group to review proposals and develop implementation modalities.
