Private Sector Pushes Maritime, Petroleum Insurance Reforms Under NIIRA 2025

L-R: Dr Alban Igwe and Mr Olusegun Ayo Omosehin; Commissioner For Insurance, National Insurance Commission.

By LOVETH AZODO, Lagos

Nigeria’s Organized Private Sector has stepped up engagement with the National Insurance Commission to accelerate the rollout of sector-specific insurance products for the maritime and petroleum industries under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

During a meeting at NAICOM’s headquarters, Abuja, representatives of the Organized Private Sector of Nigeria, accompanied by delegates from the Ministries of Petroleum and Blue Economy, pressed for coordinated implementation of insurance provisions designed to close longstanding compensation and risk-transfer gaps in both sectors.

Leading the delegation, Chairman of the OPS Insurance-Tech Committee, Dr. Alban Igwe, said the proposals are the outcome of months of consultations with freight forwarders, transport associations, petroleum retailers and underwriters.

He noted that the private sector-led initiative is focused on operationalising practical insurance solutions that address persistent losses and liability concerns, particularly in cargo movement and fuel distribution.

At the heart of the discussions were two priority reform tracks. The first targets the maritime sector, where stakeholders are proposing insurance products to mitigate container and cargo-related losses while ensuring faster compensation for affected businesses.

The second focuses on the petroleum value chain, with proposed public and commission liability covers tailored to retail distribution and transit risks, taking into account the sector’s tight margins and pricing sensitivities.

Responding, the Commissioner for Insurance reaffirmed NAICOM’s commitment to implementing NIIRA 2025 in collaboration with industry stakeholders.

He emphasized that while the Commission is responsible for issuing frameworks, guidelines and premium determinations for compulsory insurance products under the Act, all proposals must align with regulatory standards and prioritize consumer protection.

The meeting ended with an agreement to establish a technical working group to refine the proposals and develop clear implementation modalities for the proposed sectoral insurance products.