The National Insurance Commission (NAICOM) has called on actuaries to develop innovative risk management frameworks and design products that address the changing needs of society.
Speaking at the 2025 Annual Conference of the Nigerian Actuarial Society (NAS) on Wednesday in Lagos, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, said actuaries must continue to lead through innovation in the face of challenges such as climate change, cyber threats, and health system vulnerabilities.
Represented by Dr Usman Jankara, Deputy Commissioner (Technical), Omosehin noted that actuaries’ expertise in risk modelling, data analysis, and financial planning is vital to ensuring insurance products remain sustainable, inclusive, and responsive.
Themed Creating Value and Building Resilience in an Evolving Industry, the conference brought together actuaries, insurers, academics and students.
Omosehin highlighted the sector’s positive trajectory, stating that the Nigerian insurance industry recorded a 63 per cent growth in gross premium income in Q1 2025 compared to Q1 2024, reaching ₦769.2 billion. The industry’s total assets stood at ₦4.12 trillion within the same period.
He reaffirmed NAICOM’s commitment to enhancing regulation, encouraging digital transformation, and promoting inclusive insurance through strategic reforms. These include forthcoming guidelines for insurtech operations and the Actuarial Capacity Development Initiative, which aims to build local talent with support from development partners such as the Afrikari Foundation, GIZ, and UNDP.
Also speaking, Dr Rabiu Olowo, Executive Secretary and CEO of the Financial Reporting Council (FRC), called for increased collaboration and a renewed focus on long-term financial resilience. He noted that actuarial expertise is vital to addressing Nigeria’s capacity gaps, with fewer than 31 qualified actuaries in the country compared to South Africa’s 2,000.
He stressed the need to incorporate sustainability, risk management, and innovation into Nigeria’s economic strategy, adding, “These are the frontiers where actuarial science must operate.”
NAS President, Mr Jolaolu Fakoya, emphasised the profession’s duty to promote resilience, guide businesses, and uphold integrity during times of disruption. “As actuaries, our role goes beyond analysis—it extends to leadership, stewardship and innovation,” he said.
Mr Babatunde Fajemirokun, Managing Director of AIICO Insurance Plc, also addressed participants, highlighting the role of insurtech in driving innovation and value creation through strategic partnerships and digital platforms.
Other speakers underscored the importance of collaboration and resilience to meet industry demands and provide stronger customer coverage.
(NAN)