MISR Insurance moves to explore Nigerian market, courts NAICOM following reform act
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Blessing Chuks Okonta
In a strategic move to tap into Nigeria’s evolving insurance landscape, a high-powered delegation from Egypt’s MISR Insurance Group paid a courtesy visit to the Commissioner for Insurance, Olusegun Ayo Omosehin, at the National Insurance Commission (NAICOM) headquarters in Abuja.
The visit comes on the heels of the recently enacted Nigerian Insurance Industry Reform Act 2025, which has sparked renewed interest from international investors looking to leverage the sector’s growth potential.
Strategic Engagements
Led by the Chief Executive Officer, Mohammed Maharaj, the delegation included:
Ahmed Alkanhawy: Assistant CEO, MISR Insurance.
Hossein Shaky: Representative of the Egypt Embassy in Nigeria.
The NAICOM leadership provided the visitors with an in-depth briefing on the Commission’s current mandate and the ongoing transformation agenda aimed at strengthening the market to support Nigeria’s broader economic goals.
Commenting on the engagement, NAICOM reaffirmed its dedication to fostering global partnerships. The Commission emphasized that such collaborations are vital for deepening market capacity and ensuring more robust protection for policyholders within the country.
Expressing his group’s intent, Mohammed Maharaj highlighted MISR’s keen interest in Nigeria’s non-life and reinsurance segments. He noted that the Egyptian giant is looking to explore market entry strategies and potential partnerships that align with the new regulatory framework.
“We see significant opportunities in the Nigerian market, particularly with the new reforms in place,” Maharaj stated.
Next Steps: Lagos Stakeholder Forum
Following the Abuja parley, the MISR delegation is scheduled to move to Lagos, the nation’s commercial nerve center. There, they are expected to hold a series of meetings with key industry stakeholders to further discuss technical partnerships and investment opportunities.
