NIIRA: Oguntade projects 3% insurance penetration by 2027

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Chuks Udo Okonta

The outgoing President Nigerian Council of Registered Insurance Brokers (NCRIB) Babatunde Oguntade, has projected that with the full implementation of the Nigerian Insurance Insurance Reform Act (NIIRA) 2025, insurance penetration in Nigeria will hit three per cent in the next two years, rising from its present 0.5 per cent.

Oguntade, said this at a press conference yesterday in Lagos, noting that the NIIRA is the hope of the hopeless.

He said the impact of the NIIRA is already being felt in the industry, noting that signs from the National Insurance Commission (NAICOM), showed that there are significant improvements in the financial results submitted by insurance companies.

He said the NIIRA has also opened up enormous business opportunities for brokers, stressing that the interest of brokers were fully accommodated in Act.

“I have had the opportunity of engaging people at different events on this particular subject matter. I must confess that this is the best thing that has happened to the industry in recent times.

“We worked assiduously with other sisters bodies to ensure that we got this. I am super excited about the roles played by my predecessors and more excited that the law came on stream during our tenure.

“I must give special thanks to my Deputy President, Mrs Ekeoma Ezeibe particularly for her role and input into the new law. It is my hope that the industry would unite again to see to it that the salient potentials that the law is throwing up are annexed fully,” he submitted