Stakeholders in the country’s insurance industry have expressed optimism that the sector would become a major force in the financial sector, contributing significantly to the country’s gross domestic product (GDP) growth.

The industry players’ optimism r is no doubt anchored on the passage of the Nigerian Insurance Industry Reform Bill.

They expect the N4 trillion allocated to infrastructural development by the federal government in the 2025 appropriation bill, which the presidency presented to the joint session of the National Assembly shortly before proceeding on Yuletide holidays, to rub off positively on the industry.

The insurers are confident that if the budget is passed into law, some portions of the infrastructural fund would hit their vaults through the insurance coverage of the projects.

The players in the sector also believe that with the passage of the insurance bill, going by the speed with which the present administration treats economic matters, the document will secure presidential assent this time.

They also noted that once the bill gets presidential assent, the insurance sector would secure its position in the finance services sector.

According to the National Insurance Commission (NAICOM), the Nigeria Insurance Industry Reform Bill 2024, if signed into law, would unlock the growth, prosperity and potential of the insurance sector.

NAICOM thinks that the passage of the bill by the National Assembly has already marked a significant milestone in the country’s efforts to revamp the insurance industry after nearly two decades of slow progress.

The regulator described the bill as a game changer for Nigeria’s insurance industry saying it will consolidate existing laws into a single insurance legal framework. It added that the new legislation marks a new era in the ongoing efforts to strengthen Nigeria’s insurance industry.