The Nigerian insurance industry has called on President Bola Ahmed Tinubu and the Federal Government to swiftly give assent to the Consolidated Insurance Bill 2024, describing it as a critical step toward revitalizing the sector and enhancing its contribution to national economic growth.
The plea was made by Mrs. Yetunde Ilori, President of the Chartered Insurance Institute of Nigeria (CIIN), during the grand finale of the 2024 Insurance Week, which took place nationwide over the weekend.
Speaking on behalf of industry stakeholders, Ilori said the passage of the bill into law would accelerate much-needed reforms and unlock the full potential of the insurance sector.
“We urge the Federal Government to assent to our proposed law so that we can implement the reforms needed to transform the entire economy,” she said.
A Transformational Legal Framework
The Consolidated Insurance Bill 2024, which has already passed both chambers of the National Assembly, is expected to replace outdated laws such as the Insurance Act, Cap. I17 (2003), the Marine Insurance Act, and the Motor Vehicles (Third Party Insurance) Act (2004). The bill aims to provide a modern, comprehensive legal and regulatory framework for insurance business in Nigeria.
Sponsored by Senator Mukhail Adetokunbo Abiru (Lagos East) and supported by 38 other senators, the bill is widely regarded as a “game changer.” It strengthens the regulatory powers of the National Insurance Commission (NAICOM), enhances corporate governance standards, and introduces risk-based regulatory practices in line with global standards.
According to the provisions of the bill, NAICOM will have greater authority to determine who can operate in the insurance space and ensure that insurers and their management meet strict suitability and governance requirements. The legislation also promotes prudent financial management and sets up mechanisms for effective dispute resolution in the industry.
Stakeholders Applaud Legislative Milestone
Mr. Kunle Ahmed, Chairman of the Nigerian Insurers Association (NIA) and CEO of AXA Mansard Insurance Plc, described the bill as “landmark legislation” that is expected to modernize the industry, improve regulatory oversight, and better protect policyholders.
“The Association has actively contributed to the development of this bill—through advocacy, recommendations, and stakeholder engagement—because we believe it will create a more resilient and competitive insurance sector,” Ahmed said.
Also lending her voice, Ms. Prisca Soares, former Secretary General of the African Insurance Organization (AIO) and former MD/CEO of NICON Insurance, expressed optimism about the bill’s potential impact.
“There is light at the end of the tunnel. The proposed bill, when signed into law, will help galvanize the growth of the sector, especially as the regulators move toward risk-based capital. However, economic realities such as currency devaluation and reduced disposable income must also be addressed,” she noted.
Looking Ahead
With presidential assent now the final hurdle, industry leaders are hopeful that the bill will be signed into law promptly. They argue that the timing is critical, especially as the country seeks to modernize its financial systems and boost investor confidence.
If enacted, the Consolidated Insurance Bill 2024 will usher in a new era of innovation, accountability, and growth for Nigeria’s insurance landscape—empowering the industry to better serve businesses, individuals, and the broader economy.
