Rep. Committee on Insurance Holds Historic Retreat in Maiduguri

Maiduguri, Borno State | October 5, 2025

In a landmark move for the Nigerian insurance sector, the House of Representatives Committee on Insurance & Actuarial Matters, in collaboration with the National Insurance Commission (NAICOM), is holding a stakeholders’ retreat in Maiduguri, Borno State.
Themed “Navigating the New Era of Insurance Regulation”, the retreat marks the first time such a high-level insurance policy event is being hosted in the North-East region, symbolizing an inclusive approach to national development and regulatory reform.

Central to the retreat’s agenda is the Nigerian Insurance Industry Reform Act, 2025, a newly enacted legislation aimed at overhauling the country’s insurance landscape. Discussions have focused on implementation strategies, with an emphasis on boosting public awareness, expanding grassroots engagement, and reinforcing insurance as a tool for economic resilience and growth.
Lawmakers, industry regulators, underwriters, and other stakeholders in attendance commended the new Act as a bold and necessary step toward modernizing Nigeria’s insurance ecosystem. They stressed that the law sets the foundation, but its success will depend on sustained collaboration between government, regulators, and the private sector.
“The Act is not the destination—it’s the starting point of a transformative journey,” noted a representative from NAICOM. “We must now work together to ensure that its goals are not only understood but felt across every corner of Nigeria.”

The retreat continues through the weekend, with working sessions, community engagements, and strategy meetings scheduled to ensure that the reforms are inclusive, impactful, and implementable at both national and grassroots levels.
This gathering in Maiduguri is not just symbolic. it is a strong statement that insurance awareness and regulation are national priorities, reaching every region and every Nigerian.