The Nigerian Insurers Association has vowed to intensify engagement to ensure the passage of the Nigerian Insurance Reform Bill 2024 currently with the Senate.
The newly elected chairman of the association, Mr Kunle Ahmed, stated that in his inaugural speech on 28 June, reported the newspaper Punch.
There was a Consolidated Insurance Bill 2023, which was not signed into law by former President Muhammadu Buhari.
Mr Ahmed said that concerted efforts were being made by the association to ensure that the newly revised Bill titled ‘Nigerian Insurance Reform Bill 2024’, currently on the floor of the Senate, is passed to reposition the insurance industry so that it would operate in line with global best practice.
He also said, “Insurance penetration is still very low with efforts to raise the low rate of penetration tied to addressing persistent levels of unemployment and poverty. The Association will continue to support, collaborate and work closely with the National Insurance Commission (NAICOM) and other stakeholders within the financial services sector to promote the business of insurance through the development of innovative products especially for those financially excluded, and the enforcement of compulsory insurances towards the growth and development of our industry.”
Mr Ahmed was optimistic that the insurance law, when amended, would go a long way to address the low penetration problem.
The Nigerian insurance sector reported growth of 35% year on year in premiums in 2023 to cross the NGN1tn ($633.6m) mark for the first time, according to data from the Nigeria Insurance Association (NIA). Net claims stood at NGN669.4bn in 2023.