Key players in Nigeria’s organised private sector have intensified moves to close compensation and risk gaps in the maritime and petroleum value chains, opening high-level talks with the National Insurance Commission (NAICOM) on the rollout of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Under the umbrella of the Organised Private Sector of Nigeria (OPSN), industry leaders are seeking coordinated implementation of the new law, with a focus on developing sector-specific insurance products that address long-standing challenges around cargo losses, container damage, public liability and distribution risks.
Leading the delegation to NAICOM, Chairman of the OPS Insurance-Tech Committee, Dr. Alban Igwe, said the engagement followed months of consultations with freight forwarders, transport unions, petroleum retailers and insurance underwriters.
According to him, the initiative is designed to ensure that the implementation of NIIRA 2025 reflects operational realities in both sectors and delivers practical risk-transfer solutions.
He explained that the private sector effort was mandated by the Federal Ministries of Petroleum and Blue Economy to harmonise stakeholder inputs and propose workable insurance frameworks.
Participating umbrella bodies include the Nigerian Chamber of Commerce, the Manufacturers Association of Nigeria, the National Association of Small Scale Industries, as well as trade groups in transport and petroleum distribution.
Two priority tracks were identified at the meeting: insurance products for the maritime sector aimed at mitigating cargo and container-related losses with faster compensation mechanisms; and petroleum sector products focused on public and commission liability covers for retail distribution and transit operations, especially in view of tight profit margins within the downstream segment.
Responding, NAICOM’s Commissioner for Insurance and Chief Executive Officer, Mr. Olusegun Omosehin, welcomed the private sector initiative, affirming the Commission’s commitment to collaborative implementation of NIIRA 2025.
He stressed that NAICOM retains statutory responsibility for issuing regulatory frameworks, guidelines and premium benchmarks for compulsory insurance products, adding that all technical proposals must align with its consumer protection mandate.
The meeting ended with an agreement to constitute a technical working group that will refine the proposals and develop clear implementation modalities for the targeted sectors.
Written by Abimbola Oyetunde