The Nigerian insurance industry is currently waiting with hope and anticipation. The reason? The much-talked-about Consolidated Insurance Bill 2024 is now on President Bola Tinubu’s desk, awaiting his approval.
Industry leaders believe this bill will change the game for insurance in Nigeria—making it stronger, more modern, and better able to protect everyday Nigerians.
Why Is This Bill So Important?
This new bill is designed to update and replace several old insurance laws in Nigeria. If passed, it will:
– Clearly define who can run an insurance business
– Set standards for how insurance companies operate
– Strengthen protection for people who buy insurance
– Make it easier to settle insurance disputes
– Encourage better business practices and transparency
In short, the bill aims to make Nigeria’s insurance industry more reliable, competitive, and trustworthy.
What Industry Leaders Are Saying
“We need this bill to move forward”
Mrs. Yetunde Ilori, President of the Chartered Insurance Institute of Nigeria (CIIN), spoke during the closing event of the recent Insurance Awareness Week. She urged the government to quickly approve the bill, saying it’s key to improving not just the insurance sector, but the wider economy.
“We urge the Federal Government to assent to our proposed law so that we can implement the reforms needed to transform the entire economy,” Ilori said.
“This bill will modernize how insurance works in Nigeria”
Mr. Kunle Ahmed, Chairman of the Nigerian Insurers Association and CEO of AXA Mansard Insurance Plc, also voiced his support. He believes the bill will bring important updates like risk-based regulation and stronger protections for policyholders.
“It’s a major step forward in making the insurance industry more modern and competitive,” Ahmed noted.
“It gives us hope”
Veteran insurance expert Ms. Prisca Soares, former Secretary General of the African Insurance Organisation (AIO), added that she believes the President will sign the bill soon. She’s hopeful it will help grow the industry despite tough economic conditions.
“With the value of the naira falling and people having less to spend, we need stronger regulations to build trust,” she said.
What Happens Next?
If President Tinubu signs the Consolidated Insurance Bill 2024 into law, it will:
📌 Replace outdated insurance laws
📌 Strengthen the National Insurance Commission (NAICOM)’s ability to regulate the industry
📌 Build more trust in insurance across NigeriaIt’s seen as a critical move to help more Nigerians see insurance as a tool for financial security—not just an afterthought.
Final Thoughts
This bill is more than just paperwork. It’s about rebuilding trust, protecting people, and giving the insurance industry the tools it needs to serve the nation better.
As Nigeria continues to grow, a strong and well-regulated insurance sector will be key to protecting businesses, families, and the economy at large.
Now, all eyes are on the President.