The National Insurance Commission (NAICOM) and the Council of Chartered Insurance Institute of Nigeria (CIIN) have advised underwriting companies to tap into the industry’s growth.

The advice came after the House of Representatives passed the Insurance Industry Reform Bill to strengthen the financial landscape in the country.
The bodies said the signing of the bill led to improved penetration, increased public confidence and enhanced competitiveness.

Speaking on this, the Commissioner for Insurance, Olusegun Omosehin, said the commission was passionate about the prospect of the bill receiving presidential assent to pave the 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 attain its $1 trillion economy target,” he said.

Omosehin expressed confidence that the bill would usher in a new era of growth and development for the insurance industry in Nigeria.
The bill that was earlier passed by the Senate in December provides for a comprehensive legal and regulatory framework for the industry.

The new bill repeals the Insurance Act, Cap 117 Laws of the Federation of Nigeria, 2004 and the Marine Insurance Act.

Also, the Executive Secretary/Chief Executive Officer of the Nigerian Council of Registered Insurance Brokers (NCRIB), Tope Daramola, who spoke with The Guardian said there was a need for regulators and stakeholders to rally together, engage 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 materialise through Tinubu’s final endorsement.