NIIRA will foster economic growth  – Experts

By Rosemary Iwunze

The Commissioner for Insurance, Mr. Olusegun Omosehin has said that the Nigeria Insurance Industry Reform Act, NIIRA 2025, volition foster economical growth.

Omosehin stated this astatine the Insurance Meets Tech (IMT) 4.0 Conference successful Lagos, themed “Innovating for the New Trybe.”

The Commissioner, who was represented astatine the lawsuit by the Deputy Commissioner for Insurance (Finance & Administration), Mr Ekerete Ola Gam-Ikon, said: “NIIRA volition foster economical maturation by transforming the assemblage done accrued capital, stronger policyholder extortion via a Policyholder Protection Fund, digitalisation, microinsurance promotion, and alignment with planetary champion practices.

“The Act is simply a lukewarm portion of authorities that provides the blueprint to reset the industry. This Act bridges the spread betwixt what household and friends traditionally supply and what security should guarantee. Nigerians tin present beryllium assured that erstwhile thing goes wrong, security volition deliver.”

Omosehin further explained that NIIRA’s recapitalisation volition summation insurers’ capableness to grip risks and clasp section businesses, contributing to the nation’s imaginativeness of a 1 trillion dollar economy.

Also speaking astatine the event, the Chairman, Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, who is besides the MD/CEO of AXA Mansard Insurance Plc, stated: “NIIRA 2025 represents a bold measurement toward strengthening the regulatory framework, enhancing nationalist trust, improving marketplace penetration, and modernising operations wrong the industry. It reflects the Federal Government’s committedness to deepening fiscal inclusion and ensuring that security becomes a robust pillar successful Nigeria’s economical framework, successful enactment with the President’s imaginativeness for achieving a $1 trillion system by 2030.

“This is not conscionable a legislative victory; it is simply a shared mission. NIA stands acceptable to champion a much resilient and customer-centric security assemblage that contributes meaningfully to nationalist development.”

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