By Taiye Olayemi
The Chief Executive Officer of Stanbic IBTC Insurance, Mr. Akinjide Orimolade has commended the Federal Government for enacting the Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing it as a long-awaited step to reposition the sector.
He said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos, as the nation marked its 65th Independence anniversary.
Orimolade urged government to ensure strict implementation of compulsory insurances contained in the reform act to safeguard assets and accelerate sectoral growth.
He congratulated Nigerians on the anniversary, saying the country had remained resilient in spite of economic challenges.
The CEO praised government for its economic reforms and particularly for passing NIIRA after 22 years of agitation by industry operators.
“Until last year, when the industry crossed the one trillion Naira mark in written premium, we had not seen this level of growth.
“With compulsory insurance provisions in NIIRA and the recapitalisation clause, I see positive things happening in the industry,” Orimolade said.
He urged industry operators to collaborate and work closely with regulators who, according to him, were committed to scaling up the sector.
“Government, as the biggest spender in insurance, should prioritise insuring public buildings and national properties,” Orimolade added.
Also speaking, Dr Austin Ebose, Chief Executive Officer of Anchor Insurance, said Nigeria had recorded progress in spite of challenges.
He cited technological development across sectors as evidence.
“In the insurance industry, much has not been achieved yet, but NIIRA 2025 will be a game changer.
“To further move the sector forward, government must make insurance truly compulsory as stated in NIIRA 2025 and enforce it across all sectors,” Ebose said.
The CEO expressed optimism that with proper implementation, NIIRA 2025 would deepen insurance penetration, increase premium income, and enhance the industry’s contribution to national development.
NAN reports that the Nigerian Insurance Industry Reform Act was signed by President Bola Tinubu on Aug. 5.
The Act introduced higher capital requirements, compulsory insurance for sectors such as motor vehicles, public buildings, and workers’ compensation, and mandates the digitisation of various regulatory processes.
