By Favour Akinmola
The National Insurance Commission (NAICOM) in collaboration with the Council of Chartered Insurance Institute of Nigeria (CIIN) has advised underwriting companies to top into the industry’s growth as the House of Representative passed the Insurance Industry Reform Bill to strengthen financial landscape in the country.
This was revealed by the commission and industry stakeholders at the weekend saying signing of the bill by house would impact the industry and lead to improve penetration, increased public confidence, and enhanced competitiveness.
Speaking on the development, the Commissioner for Insurance, Olusegun Omosehin said that that commission is passionate about the prospects of the bill receiving assent from President, which will pave way for implementation of its provisions.
”As the apex regulator of the insurance industry, NAICOM is committed to ensuring that the sector contributes positively to meet the aspiration of the federal government to ascertain its $1 trillion economy by 2026.
Omosehin expressed confidence that the Insurance Reform Bill will usher in a new era of growth and development for the insurance industry in Nigeria,” the commission stated.
The bill that was earlier passed by the Senate in December 2024, provides for a comprehensive legal and regulatory framework for the industry.
The new Act repealed the Insurance Act, Cap 117, Laws of the Federation of Nigeria, 2004; the Marine Insurance Act, Cap M3, Laws of the Federation of Nigeria, 2004.
Also the Executive Secretary/Chief Executive Officer, the Nigerian Council of Registered Insurance Brokers (NCRIB), Tope Daramola, who spoke to The Guardian at the weekend on the development, said that there is a need for regulators and stakeholders to rally together, engaging in high-level discussions and strategic dialogue with the executive arm to highlight the transformative impact of the bill.
Daramola said the industry’s future hinges on ensuring that regulatory clarity, enhanced consumer protection, and improved operational efficiency materialize through Tinubu’s final endorsement.
According to him, the journey is not over yet. The success of the bill depends on collective action, strong institutional lobbying, and a unified voice from industry leaders. With the right approach, Nigeria’s insurance sector can finally witness the long-overdue reforms that will propel it into a new era of growth and sustainability.
Speaking in the same vein, the President of CIIN, Mrs Yetunde Ilori, described the development as a significant milestone in efforts to reform the insurance industry in Nigeria.
Ilori said with the proposed legislation, the industry is expected to become more competitive and contribute positively to the country’s economic growth.
She said that the insurance industry was eagerly awaiting the President’s final assent to the bill.
She commended the National Insurance Commission (NAICOM) and the legislative arm for their outstanding efforts in facilitating the passage of the bill.
“A law that is as old as the insurance Act 2004 is definitely due for review in terms of the kind of transformation that we want to have.
