Lagos: The National Insurance Commission (NAICOM) has called upon actuaries to innovate in risk management strategies and develop products that align with society’s evolving demands. Mr. Olusegun Omosehin, Commissioner for Insurance and CEO of NAICOM, made this appeal during the 2025 Annual Conference of the Nigerian Actuarial Society (NAS) held in Lagos.
According to News Agency of Nigeria, the conference, themed ‘Creating Value and Building Resilience in an Evolving Industry,’ united professional actuaries, insurers, academics, and students. Omosehin, represented by Dr. Usman Jankara, Deputy Commissioner (Technical) at NAICOM, stated that as the industry contends with challenges such as climate risk, cyber threats, and health system vulnerabilities, the actuarial profession must lead in innovation. He emphasized the essential role of actuaries in risk modeling, data analytics, and long-term financial planning to ensure insurance products remain sustainable and responsive to major risks.
Omosehin highlighted the ongoing transformation of the Nigerian insurance sector driven by technological innovation, changing consumer expectations, and evolving regulatory frameworks. He noted the sector’s resilience and growth, with a 63 percent increase in gross premium income in Q1 2025 compared to Q1 2024, reaching N769.2 billion. The industry’s total assets stood at N4.12 trillion during the same period, demonstrating a stronger financial foundation.
NAICOM is committed to fostering a regulatory environment that supports innovation, protects policymakers, ensures transparent processes, and promotes long-term industry sustainability. Omosehin underscored the importance of digital transformation and inclusive insurance, emphasizing Nigeria’s potential to lead in digital insurance given its youthful, tech-savvy population.
As part of NAICOM’s strategy, guidance for insurtech operations in Nigeria is nearing issuance, and the Actuarial Capacity Development Initiative has been launched to build actuarial talent. Despite challenges, including funding, NAICOM is actively engaging with development partners such as the Afrikari Foundation, GIZ, and UNDP to secure support for this initiative. Omosehin called on stakeholders to support actuarial capacity development in Nigeria through collaboration and commitment to funding.
Dr. Rabiu Olowo, Executive Secretary and CEO of the Financial Reporting Council (FRC) of Nigeria, emphasized collaboration, value creation, and financial resilience in the industry. He noted the global shifts in value measurement, risk assessment, and system responses, including the rise of artificial intelligence and sustainability reporting. Olowo stressed the importance of leveraging actuarial expertise to create value and resilience, particularly in Nigeria and Africa.
Olowo highlighted Nigeria’s actuarial capacity gap, with fewer than 30.5 actuaries compared to South Africa’s 2,000. He underscored the need for a robust pipeline of actuarial experts to manage pension funds, price risks, and value liabilities. As a regulator, FRC relies on actuaries to address complex questions about valuing assets, protecting public interest, and integrating risks into long-term economic planning.
Mr. Jolaolu Fakoya, President of the Nigerian Actuarial Society (NAS), emphasized the critical role of actuaries in shaping a resilient future for the economy. He called for leadership, stewardship, and innovation among actuaries to equip businesses and institutions to thrive amidst change. The conference featured sessions on VisualTech, AI Workshop, and other engaging topics to explore big ideas and practical tools.
Mr. Babatunde Fajemirokun, Managing Director of AIICO Insurance Plc, spoke on the impact of Insurtech on value creation and called for strategic partnerships to drive innovation and leverage digital platforms. Other speakers reiterated the need for resilience and collaboration to meet industry needs and provide comprehensive coverage for customers.
