With the Insurance Sector Reform Bill now passed by both chambers of the National Assembly, all eyes are on President Bola Tinubu for final approval. Industry stakeholders say this long-awaited legislation is crucial for modernizing Nigeria’s insurance sector, following years of delay under the Buhari administration.
The bill, first proposed in 2010, remained stalled for over a decade. Former President Muhammadu Buhari declined to sign the Consolidated Insurance Bill, leaving the industry without much-needed reforms. Now, insurers hope the Tinubu administration will take a different approach.
Gus Wiggle, former NIA chairman, urged the industry to remain proactive:
“We cannot afford another delay. Insurers and regulators must push harder to ensure the president signs this bill into law.”
Similarly, NAICOM Commissioner Olusegun Omosehin called the bill’s passage a “landmark achievement” and emphasized its potential to transform the sector.
The bill introduces higher capital requirements—N25 billion for non-life firms, N15 billion for life firms, and N35 billion for reinsurers—aimed at strengthening the industry. However, experts caution that even after the bill is signed, implementation remains a major challenge.
Boniface Okezie, Coordinator of Progressive Shareholders Association of Nigeria (PSAN), warned:
“The real test isn’t just passing the bill but ensuring compliance. Will the government even insure its own assets with local firms?”
With mounting pressure, stakeholders are now calling for strategic lobbying to ensure Tinubu prioritizes the bill’s final approval
