The National Insurance Commission (NAICOM) has inaugurated the Nigeria Insurance Industry Repository and Archive (NIIRA) Implementation Working Groups, marking a major step toward enhancing transparency, efficiency, and digital transformation within Nigeria’s insurance sector. The move, according to the Commission, is part of its broader agenda to modernise regulatory operations and foster sustainable growth in the industry.
Speaking during the inauguration ceremony in Abuja, the Commissioner for Insurance, Mr. Olusegun Omosehin, stated that the establishment of the working groups demonstrates NAICOM’s commitment to developing a robust and integrated data management system for the sector. He explained that the NIIRA initiative will serve as a central repository for insurance-related data, improving record-keeping, accountability, and decision-making across the entire value chain.
“The creation of NIIRA working groups is a strategic milestone aimed at transforming how we collect, store, and analyse industry information. It will support evidence-based regulation, enhance transparency, and strengthen confidence among policyholders and investors,” Omosehin said.
He added that the implementation groups, composed of experts from NAICOM, insurance firms, and technology partners, would oversee the design, testing, and deployment of the digital platform. The project is expected to streamline regulatory reporting, minimise data duplication, and provide real-time access to critical market information.
According to the Commissioner, the NIIRA initiative aligns with NAICOM’s five-year roadmap to digitise regulatory processes and integrate technology-driven solutions into the Nigerian insurance ecosystem. “Our goal is to ensure that Nigeria’s insurance market operates with the same efficiency and integrity as seen in other developed markets. This initiative is a vital component of that transformation,” he stated.
Omosehin also emphasised that the NIIRA system would enhance consumer protection by ensuring the availability of accurate and verifiable insurance data. He noted that it would enable stakeholders, including insurers, brokers, and reinsurers, to access and share relevant information seamlessly, thereby reducing fraud, improving underwriting standards, and promoting fair competition.
“The repository will serve as a trusted single source of truth for all insurance records in Nigeria,” he explained. “By ensuring better data quality and visibility, we are building the foundation for a more resilient and customer-focused industry.”
Members of the newly formed working groups were drawn from different segments of the insurance industry to ensure inclusivity and effectiveness. They are tasked with developing technical specifications, governance structures, and implementation timelines for the NIIRA project.
The Director of ICT at NAICOM, Mr. Peter Kalu, who is also the chair of the technical committee, said the working groups would adopt global best practices in digital data management while tailoring solutions to Nigeria’s unique regulatory environment. He added that the Commission will collaborate with leading technology firms to ensure system security, scalability, and interoperability.
“This project will not only revolutionise insurance data management but also strengthen regulatory compliance. It will allow NAICOM to monitor industry performance in real time and respond swiftly to emerging risks,” Kalu noted.
Industry leaders present at the event commended NAICOM for taking proactive steps toward modernisation. The Chairman of the Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, described the launch of the NIIRA working groups as a welcome development that would significantly improve operational efficiency and regulatory oversight.
He said, “The Nigerian insurance industry is undergoing a period of transformation. With initiatives like NIIRA, we are entering a new era of accountability and innovation that will boost consumer confidence and attract investment.”
Similarly, the President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Bola Onigbogi, stressed that data harmonisation remains critical for the growth of the sector. She noted that the NIIRA project will provide the necessary tools to strengthen brokers’ compliance and improve claims management processes.
“Data integrity is the backbone of a strong insurance industry. This project will help ensure that every policy is properly documented, traceable, and verifiable, which ultimately protects policyholders and supports business growth,” Onigbogi said.
Analysts believe that the NIIRA project could help close information gaps that have long hindered policy enforcement and claims verification in Nigeria. They argue that centralising data will not only improve transparency but also enable regulators to identify systemic risks early and prevent malpractice.
An insurance technology expert, Mr. Tunde Ogunleye, said the initiative represents a long-overdue shift toward digital regulation. “For years, the lack of comprehensive data has been a major barrier to industry development. NIIRA could be a game-changer by bringing structure, insight, and reliability into the system,” he remarked.
NAICOM disclosed that the implementation phase will begin immediately, with pilot testing expected to commence before the end of the first quarter of 2026. The Commission also pledged to maintain open communication with all stakeholders to ensure a smooth rollout and encourage industry-wide adoption.
Omosehin concluded by reaffirming NAICOM’s determination to uphold innovation-driven regulation. “This is not just a technological upgrade; it is a commitment to building an insurance industry that is transparent, efficient, and globally competitive. NIIRA will serve as the backbone of our regulatory framework going forward,” he stated.
With the launch of the NIIRA implementation working groups, Nigeria’s insurance sector appears poised for a digital breakthrough that could redefine its operations and boost confidence among consumers, investors, and international partners alike.
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