The Chairman of the Nigerian Association (NIA), Mr. Olusegun Omosehin has expressed full support for new the new premium rates released by NAICOM and has indeed taken steps to ensure that members comply and join in the publicity initiatives that will follow shortly.

Mr. Omosehin made the affirmation while speaking to insurance journalists in Lagos during a media briefing. He disclosed that the Association is embarking on stakeholder engagement as a first layer interface with the critical stakeholders to ensure their buy in and support.

According to the NIA Chairman “We do not need to restate the issues with enforcement of the old rates, but we are confident that with your usual support and the understanding of the Nigerian public, Nigerians will support the new rates and this will not only lead to increase in premium income for underwriters, but also increase in claims payment to the clients.

“It is important at this juncture to point out that Ecowas Risk (risk arising from travellersNIA from West African countries) and other is covered under the new premium rates.”

Omosehin also gave an update on the CONSOLIDATED INSURANCE BILL 2020. He explained that the process for reviewing the Insurance Act 2003 had been ongoing since year 2020 when the Consolidated Insurance Bill was proposed. But, he however expressed optimism in the timely passage of the bill into law.

He said, “Since then, we have been following through tenure with all the processes and I am indeed delighted to inform you that the Bill has been passed. It is currently going through the remaining legislative procedures preparatory to the Presidential accent. We are hopeful that it will receive speedy attention so that the industry can begin to tap into the opportunities provided by the new law.”

Speaking on the issue of limit for Chief Executive Officers and Directors of financial institutions, the Chairman stated that the Association received a circular from NAICOM prescribing tenure limit for Chief Executive Officers of insurance and reinsurance institutions. He however, said that the Council was engaging the National Insurance Commission on areas of concern on the issue.

He informed that the Nigerian insurance market will host the next WAICA Educational Conference in May and as usual with conferences of this nature, the Association expect participants from other West African Countries. He called on the media for support. ‘’We need your maximum support to host a successful conference and look forward to hosting the most successful conference in recent time.

He informed that the Governing Council of the NIA has scaled up engagement with other arms of the industry to discuss issues of mutual concern, in line with his earlier promise to expand the frontiers of insurance through partnership and stakeholder’s engagement.