By Taiye Olayemi

AXA Mansard Insurance has urged operators to support the Nigerian Insurance Industry Reform Act (NIIRA) 2025 through disciplined execution.

The company made the appeal in a statement issued in Lagos on Tuesday by its Chief Client Officer, Rashidat Adebisi.

Adebisi said that restoring trust and deepening industry growth required credible implementation beyond policy announcements.

She noted that industry credibility would not be judged by balance sheet size alone but by the number of Nigerians adequately protected through insurance.

She described recapitalisation and the risk-based capital framework under NIIRA as a historic chance to reposition Nigeria’s insurance industry.

However, she cautioned that capitalisation or digitisation reforms without effective execution would neither enhance customer experience nor strengthen investor confidence.

Adebisi recalled the 2004 banking recapitalisation which cut the number of banks from 89 to 25, while tripling capitalisation and improving public confidence.

She urged the insurance industry to replicate such transformation for sustainable growth.

“The NIIRA presents our industry with an opportunity to support Nigeria’s one trillion dollars economy by addressing demand, supply, and operational challenges,” Adebisi stated.

She explained that the framework empowers insurers to enhance service delivery, improve customer confidence, and strengthen trust.

On the risk-based capital framework, Adebisi described it as “primarily a customer protection tool, and secondarily a regulatory tool”.

She said aligning capital buffers with underwriting risks would enforce better product design, pricing discipline, and prudent investment, assuring stronger policyholder protection.

Responding to consolidation concerns, Adebisi said mergers should be seen as renewal for a stronger industry, not as loss.

She explained that consolidation would enable insurers to invest in technology, speed up claims, widen distribution, and compete regionally.

Adebisi lamented Nigeria’s insurance penetration remained below one per cent of Gross Domestic Product (GDP).

She compared this with 17 per cent in South Africa, three per cent in Kenya, and two per cent in Ghana, noting Nigeria’s figure was still weak.

“If NIIRA is well executed, insurance can unlock long-term funds for infrastructure, provide MSME cover, and boost investor confidence,” she said.

She emphasised that MSMEs represent over 90 per cent of Nigerian businesses, making their protection essential for national growth.

“Regulators have provided the framework. It is now up to us, the operators, to rebuild trust, embrace digitisation, and deliver inclusive products,” she said.

Edited by Dorcas Jonah/Kamal Tayo Oropo

By Taiye Olayemi

Ms Prisca Soares, Chairman of the Almond Insurance Industry Awards Panel of Judges, has urged stakeholders in the insurance industry to embrace the reforms outlined in the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Soares spoke at a news conference unveiling nominees for the 2025 Almond Insurance Industry Awards on Wednesday in Lagos.

She said that the reforms were necessary for the survival and long-term growth of the sector.

The News Agency of Nigeria (NAN) reports that President Bola Tinubu signed the NIIRA into law on Tuesday.

Soares described the current period as critical for the industry, and added that while the changes introduced by the new law might be difficult, they were necessary for repositioning the sector.

“We have a very challenging situation right now, and a lot needs to be done to ensure the survival of the insurance industry.

Some of the changes that need to be made may be painful, but they are necessary,” she said.

Soares urged insurance operators to streamline their business models, identify their core areas of focus, and align capital investment accordingly, rather than spreading resources thin.

“Every company must determine its core line of business. That clarity helps in deciding the capital requirements and allows for greater focus. Running into everything at once is no longer optional.

“Even from the sidelines, it was clear this was coming. I believe operators have been bracing themselves for it, and I do not foresee widespread casualties.

“The future of the industry looks bright if we all work together and take the bull by the horns.”

Regarding the 2025 Almond Awards, Soares announced that the voting process had begun and would close on Sept. 5 to allow the panel time for final processing.

She said this year’s edition recorded an increase in participation, with 914 nominations received, compared to 392 in 2024, representing a 79.94 per cent increase.

“This sharp increase is a testament to the growing recognition and prestige of the Almond Awards within and outside the insurance industry,” she said.

To further strengthen transparency and reduce duplicate voting, Soares revealed that a One-Time Password (OTP) system would be implemented for this year’s voting process.

She said some nominations were not considered due to non-compliance with the laid-down criteria.

She encouraged nominees to mobilise their clients and the general public to vote via the official website.

According to her, both companies and individuals are entitled to only one vote per category.

Soares explained that the winners in each category would be determined through a combination of 10 per cent public votes, 10 per cent judges’ decisions, and 80 per cent data provided by the National Insurance Commission (NAICOM).

Also, speaking at the event, Prof. Olajide Fadun, Consultant and Manager of the awards website, unveiled the nominees across the various categories and outlined the voting procedure for eligible participants.

In her remarks, Chief Jean Chiazor-Anishere, a member of the awards panel of judges, described the Almond Awards as a platform that had contributed to raising insurance awareness and deepening penetration in Nigeria.

She added that the awards had helped many insurance firms improve the quality of their services.(NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa