The Nigerian Insurers Association (NIA) has pledged to intensify efforts to ensure the passage of the Nigerian Insurance Reform Bill 2024, currently under consideration by the Senate. This commitment was announced by the newly elected chairman of the association, Kunle Ahmed, during his inaugural speech on Thursday in Lagos.

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The proposed bill follows the Consolidated Insurance Bill 2023, which was not signed into law by former President Muhammadu Buhari. Ahmed emphasized the association’s dedication to advancing the revised bill. “Concerted efforts are being made by the association to ensure the newly revised bill named ‘Nigerian Insurance Reform Bill 2024,’ currently on the floor of the Senate of the 10th National Assembly, is passed to reposition our insurance industry and enable us to operate in line with global best practices,” he stated.

Ahmed expressed gratitude to the governing council members and past chairmen who worked diligently on the previous bill and continue to support the new bill’s passage. “We thank all members of the governing council and our past chairmen who have provided the needed support to see that the new bill is signed into law. We remain resolute in our promise to work closely with all relevant stakeholders to ensure this happens,” he added.

Ahmed also highlighted NIA’s ongoing efforts to engage with the government at various levels to enhance understanding of the insurance sector’s importance and its contribution to the national economy. “We will continue our engagement with representatives from the Federal Ministry of Finance, Budget and National Planning, the Office of the Head of Service, and the Accountant General’s Office to ensure appropriate data provision and adequate premium payments for the insurance of government assets,” he noted.

He reported that several meetings have been held to address data and funding issues for insurance schemes, with some progress made in obtaining necessary data. “While we can report some progress on obtaining data, we remain hopeful that all areas of concern will be resolved as quickly as possible so that insurance companies can perform their statutory obligations,” Ahmed remarked.

Kunle Ahmed is the 26th chairman of the Nigerian Insurers Association.