The Chartered Insurance Institute of Nigeria (CIIN) has challenged insurance operators to move beyond meeting regulatory requirements under the Nigeria Insurance Industry Reform Act (NIIRA) 2025 and use the reforms to drive innovation, deepen market penetration and build competitive businesses.
Akinjide Orimolade, president/ chairman of the Council of the CIIN, said the success of the new regulatory framework would depend not merely on insurers’ ability to comply with its provisions but on how effectively they translate the reforms into stronger institutions, improved service delivery and greater value for policyholders.
Speaking at the institute’s 2026 Education Conference in Akure, Ondo State, Orimolade said NIIRA 2025 provided an opportunity to reposition the industry for sustainable growth, stronger market confidence and improved competitiveness.
He noted that regulatory compliance alone would not deliver the transformation expected from the new law, arguing that insurers must use the reform process as a catalyst for innovation, operational efficiency and better customer experience.
‘The real measure of the success of NIIRA 2025 will be how effectively the industry converts regulatory expectations into opportunities for growth and competitive advantage,’ he said.
The challenge comes as Nigeria’s insurance industry seeks to translate the capital and regulatory reforms introduced by NIIRA into stronger underwriting capacity, increased insurance adoption and greater contribution to the economy.
Orimolade said the industry must also respond to changes in technology, consumer behaviour and emerging risks by investing in the skills and competencies required to compete in an increasingly digital financial services market.
According to him, artificial intelligence, digital technology, data and changing customer expectations are reshaping how insurance products are developed, distributed and consumed, making continuous professional development critical to the industry’s future.
He said insurance professionals must move beyond traditional knowledge of insurance principles to acquire competencies in data analytics, digital platforms, emerging technologies and innovative risk management.
‘The future insurance professional must be comfortable with data, digital platforms, emerging technologies and innovative approaches to risk management and customer engagement,’ he said.
The CIIN president also identified low insurance penetration and weak public confidence as major constraints to market expansion, stressing that the industry must do more to make insurance accessible, relevant and attractive to individuals and businesses.
He said insurers would need to develop products and distribution channels that address the needs of underserved segments of the population, while improving transparency, accessibility and customer experience.
For Orimolade, rebuilding public trust is central to unlocking the industry’s growth potential, as Nigerians must increasingly see insurance as a dependable mechanism for managing uncertainty and protecting livelihoods and investments.
He said achieving this would require more than regulatory changes, calling for innovation and a stronger commitment to delivering products that respond to the actual needs of consumers.
The conference, themed ‘Beyond Compliance: Harnessing NIIRA 2025 for Innovation, Growth and Competitive Advantage, examined the implications of the new insurance law for professional development and market expansion.
Its sub-themes focused on preparing insurance education for a digital future and expanding the Nigerian insurance market through trust, inclusion and increased penetration.
Orimolade said the CIIN, as the professional body for insurance practitioners, would continue to strengthen the industry’s human capital through education and professional development programmes that anticipate changing market requirements.
He urged participants to focus on practical ways of deploying the opportunities created by NIIRA rather than limiting discussions to the obligations imposed by the law.
He said the combination of leadership, investment in human capital, technology adoption and professionalism could make NIIRA 2025 a catalyst for wider industry transformation rather than simply another regulatory milestone.