Forum Deliberates on Driving Collective Advocacy for Insurance Sector Transformation 

Ebere Nwoji

Issues bothering on driving collective advocacy for the transformation of Nigeria’s Insurance Industry was the  thrust of discussions at the 2026 Insurance Sector Transformation Consultative Forum  held in Lagos.

The forum which brought together  policymakers, regulators, and industry leaders to Chart Path for growth and reform of the insurance industry  was aimed at accelerating reforms, rebuilding consumer trust, and unlocking the full potential of Nigeria’s insurance industry.

Organised by EnterpriseNGR in collaboration with the Nigerian Insurers Association and the Lagos Chamber of Commerce and Industry, discussants at the forum  emphasised the urgent need for coordinated reforms, stronger industry collaboration, and innovative approaches to expand insurance adoption and improve public confidence in the sector. 

The discussants  underscored the importance of collective action across regulators, policymakers, insurers, brokers, and other stakeholders to address structural barriers limiting insurance penetration and to strengthen the sector’s contribution to Nigeria’s economic development. They also examined the key factors responsible for low adoption of insurance products in Nigeria as limited consumer awareness, trust deficits driven by claims disputes, and inefficiencies in customer experience. They  highlighted the need for greater transparency in claims management, improved consumer education, and stronger industry-wide service standards to rebuild trust and expand market penetration across retail, MSME, and corporate segments. 

Suggestions on how innovation, technology, and digital transformation could  significantly expand insurance access were made just as the  role of digital platforms, InsurTech innovation, and partnerships with fintech companies and telecom operators in reaching underserved populations, improving underwriting accuracy, and accelerating claims processing while reducing operational costs across the industry were highlighted.