Insurance leaders seek presidential assent on Reform Bill

As Nigeria seeks sustainable pathways to economic growth, leaders in the insurance sector have called on the Federal Government to give presidential assent to a proposed Insurance Reform Bill.

Led by the Chartered Insurance Institute of Nigeria (CIIN), the appeal emphasises the urgent need for legislative backing to unlock the full potential of insurance in driving national development, protecting assets, and fostering long-term economic resilience.

Yetunde Ilori, president, CIIN speaking at the grand finale of the Insurance Industry Week 2025 held weekend in Lagos appealed to the Federal Government and President Bola Tinubu to support necessary legislative reforms in the industry.

“We urge the Federal Government to assent to our proposed law so that we can implement the reforms needed to transform the entire economy.”

She reiterated the Institute’s commitment to initiatives that promote learning and engagement within the insurance sector.

Ilori highlighted the significance of the occasion, stating, “This is the first time we are having Insurance Week in the history of the insurance industry.”

She explained that the initiative was designed to reach the grassroots and spotlight the critical role of insurance in the national economy.

“The goal is to create awareness about insurance. Many people still don’t fully understand what insurance is,” she said.

Ilori stressed the necessity of protecting what people value through insurance, stating, “Whatever you treasure, you need to protect with insurance. Insurance is, in fact, the backbone of any nation’s economy.”

Julius Odidi, a director at the National Insurance Commission (NAICOM), who represented the Commissioner for Insurance highlighted the critical role of insurance in national security and economic stability.

Emphasising the importance of sustaining this momentum, he added, “Without insurance, our economy will be more vulnerable and our people less secure.”

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He therefore urged the industry to sustain the tempo, “I hope we remain vibrant beyond this week as we continue to amplify insurance awareness nationwide.

Abayomi Adelaja, the Ogun State Commissioner for Education, Science, and Technology who received award increasing adoption of insurance in Ogun State Schools in his remarks expressed deep appreciation to the CIIN for the prestigious award, stating, “This award is not just a plaque; it is a powerful testimony to what is possible when a government commits to educational innovation, career diversity, and future-forward thinking.”

Represented by Okeleye Olarotimi described the promotion of Insurance as a subject in schools as more than an academic initiative, saying, “Insurance is not only a subject—it is a life skill. It teaches risk management, financial literacy, and responsible citizenship values that Ogun State is proud to embed in its curriculum.”

Arigbabu credited the success to the dedication of teachers, the enthusiasm of students, and collaboration with stakeholders like the CIIN, affirming the government’s commitment to strengthening the link between education and industry.

The event also featured the grand finale of the highly anticipated insurance-based quiz competition, which attracted enthusiastic participants eager to demonstrate their knowledge of the sector.

Winners received significant cash prizes, while third runner-up was awarded N750,000 in recognition of strong performance, the second runner-up received N1 million for demonstrating advanced knowledge and quick thinking, while the winner who exhibited exceptional expertise throughout the competition, won the grand prize of N1.5 million.