Bode Pedro appointed member NIIRA 2025 implementation committee

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has established a new committee to implement the Nigerian Insurance Industry Reform Act (NIIRA) 2025. As a key step, Bode Pedro, Founder and technology visionary behind Nigeria’s first fully digital insurance company, Casava Microinsurance, has been appointed to its crucial Digitisation Working Group.

This move clearly signals that one of Africa’s largest economies is shifting toward a technology-first strategy for its insurance sector.

Pedro brings to this national mission a human-centered design leadership style and a demonstrable record of scaling customer-first digital insurance platforms.

Under his stewardship at Casava, over half a million Nigerians, many of whom were first-time policyholders, were brought into the formal protection economy through transparent pricing, near-instant claims automation and seamless digital distribution.

“This is a defining moment for the insurance industry,” said Bode Pedro.

“The NIIRA provides an opportunity to build a stronger, fairer, and more inclusive insurance system, one that leverages technology, trust, and transparency to protect every Nigerian. I’m honoured to contribute to this national transformation and help lay the digital foundation for the next decade of insurance growth,” he submitted.

The Digital Working Group’s mandate underscores the growing recognition of digital innovation and private sector leadership in shaping the future of Nigeria’s insurance ecosystem.

The group is charged with advancing the digital transformation of the insurance industry, developing frameworks and systems that enhance transparency, efficiency, and access for individuals and businesses nationwide.

From a market opportunity perspective, Nigeria offers compelling indicators. Insurance penetration remains well under one percent of GDP, a stark contrast to global averages of around six to seven percent.

Some estimates place Nigeria’s insurance density (premium per capita) at around seven dollars per person. Overcoming this protection gap represents not only a public-interest imperative but a multi-billion-dollar commercial frontier.

Global reinsurers and insurers already view Nigeria as a strategic growth market, with major players such as Allianz and Sanlam increasing local partnerships.

For investors, the NIIRA implementation team signals two major strategic inflection points: a regulatory regime shifting from fragmented legacy rules toward unified, digital-first frameworks that reduce risk and enable scale; and a leadership structure that places insurtech at the heart of national strategy, creating a mandate for innovation, open distribution and digital infrastructure investment.

With the NIIRA mandating classes of cover, distribution becomes a scale game and the winners will be those who build trusted, frictionless digital platforms that can reach millions of underserved Nigerians and manage claims at industrial volumes