Copyright tribuneonlineng
The Nigerian Council of Registered Insurance Brokers (NCRIB) has projected that Nigeria’s insurance penetration could rise to 3 percent by 2027, up from the current 0.5 percent, driven by the full implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. Outgoing NCRIB President, Mr. Babatunde Oguntade, disclosed this at a press conference in Lagos, describing the new legislation as “the hope of the hopeless” and a game-changer for the insurance sector. According to Oguntade, the early impact of the NIIRA is already visible, as indicators from the National Insurance Commission (NAICOM) point to significant improvements in the financial performance of insurance companies. He noted that the reform has created a more enabling business environment and opened up new opportunities for insurance brokers and other operators. “I must confess that this is the best thing that has happened to the industry in recent times. We worked assiduously with other sister bodies to ensure that this reform became a reality,” Oguntade said. He expressed appreciation to stakeholders who contributed to the passage of the NIIRA, noting that the collective effort of industry leaders and regulators made it possible for the long-awaited reform to take effect during his tenure. Oguntade specifically commended Mrs. Ekeoma Ezeibe, his deputy president, for her pivotal role in shaping key provisions of the law that safeguard the interests of brokers. “The law came on stream during our tenure, and I’m super excited about the roles played by my predecessors and colleagues. My hope is that the industry will once again unite to harness the enormous potentials the law offers,” he added. The NIIRA 2025 seeks to modernize Nigeria’s insurance regulatory framework, strengthen corporate governance standards, expand product offerings, and enhance consumer confidence. Industry analysts believe the Act will help reduce the protection gap and stimulate deeper penetration across the retail and informal segments of the economy. With current insurance penetration among the lowest in Africa, stakeholders have consistently pushed for reforms to drive inclusion, improve claims settlement, and build trust in the system. As Oguntade prepares to hand over to a new leadership, he emphasised the need for continuous collaboration among brokers, insurers, and regulators to sustain the momentum of reform implementation and ensure that the expected growth targets are achieved. “Our journey is far from over. What matters now is how we leverage this reform to deepen penetration, improve professionalism, and make insurance a tool for economic resilience,” he said.
