The Managing Director/CEO of Jomola Insurance Brokers Limited, Mr. Joshua Daramola Oke (JDO) attained the Septuagenarian age of Seventy on the 3rd September,2025.

At a brief ceremony held in his office and witnessed by staff, family, friends, partners and other business associates that came to celebrate with him, all expressed their joy and prayed that God continue to preserve his life to witness more glorious years in good health.

JDO was noted to be a true role model and Iconic visionary leader, a teacher and mentor who provides purposeful leadership that helps in shaping the company’s professional  conduct for success.

Here is wishing the latest Septuagenarian a remarkable 70th birthday celebrations, hoping that the special day and the years ahead brings greater fulfillment and joy that he has freely given to others.

CONGRATULATIONS SIR!!!

In a landmark move poised to reshape the future of Nigeria’s insurance sector, President Bola Ahmed Tinubu has signed into law the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The sweeping reform introduces a raft of ambitious and forward-looking provisions aimed at modernising the industry, deepening penetration, and rebuilding consumer trust in one of Nigeria’s most underutilised financial services.

The enactment of NIIRA 2025 signals a decisive step in the government’s broader agenda of financial inclusion, economic resilience, and regulatory modernisation. The new law lays the foundation for an insurance landscape that is more robust, transparent, and accessible.

Higher capitalisation thresholds are mandated for insurance companies to ensure that only financially sound and professionally managed firms are permitted to underwrite risk in Nigeria. This reform is expected to trigger a wave of mergers and acquisitions within the industry, particularly among undercapitalized and marginal players.

NIIRA 2025 expands the scope of compulsory insurance beyond existing frameworks like motor and group life insurance. It introduces new categories of mandatory coverage for sectors such as agriculture, SMEs, public infrastructure, and cyber liability. By embedding mandatory coverage into national policies and public-private sector activities, the reform aims to boost insurance penetration.

The law requires the digitalisation of insurance market operations across the value chain. Insurers must adopt end-to-end digital platforms for underwriting, claims processing, policy management, and customer onboarding. This directive is designed to improve efficiency, reduce fraud, and expand access.

A zero-tolerance policy for delayed claims settlement is enforced, with strict timelines imposed for the assessment, approval, and disbursement of claims. Heavy penalties and potential license suspension will be imposed for violations.

The law establishes Policyholder Protection Funds to compensate policyholders in the event of an insurer’s insolvency, providing a safety net and enhancing consumer confidence.

For the 25+ insurance firms listed on the Nigerian Exchange, NIIRA 2025 presents a defining moment. While it introduces capital-intensive regulatory obligations, it offers a roadmap to long-term growth, sustainability, and profitability in a reformed ecosystem.

Industry insiders suggest that at least a dozen insurers may be forced into mergers or acquisitions in the next 12–18 months. The broader message of NIIRA 2025 is clear: the insurance industry must transform or risk obsolescence.

The new law places policyholders at the center, demands transparency, rewards innovation, and penalises inefficiency. Industry observers are optimistic that the reforms would lift Nigeria’s insurance penetration rate to 3–5% of GDP over the next decade.

NIIRA 2025 is not merely a regulatory update. It is a strategic intervention aimed at transforming insurance from a peripheral, mistrusted sector into a pillar of Nigeria’s economic architecture. As insurance companies recalibrate, re-strategize, and recapitalise, stakeholders across government, private sector, and the capital market must collaborate to ensure that the goals of the reform are fully realised.

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The 2025 edition of Jomola Insurance Brokers On- The- Desk  Intensive reinsurance technical training programme was held at the Jomola Training Institute from 14^th -18^th July, 2025

In attendance at the programme were about forty participants that cut across direct Underwriting Offices, Insurance Brokers as well as Reinsurance companies from within and outside Nigeria.

The five days event saw Participants taking through the fundamentals of reinsurance, risk cessioning, preparation of final accounts like Premium and Commission Adjustments, Profit Commission, Reinstatements, Loss Participation and Renewal negotiation process.

At the closing ceremony, Mr Daramola Oke, the Managing Director of Jomola Insurance Brokers presents special awards to the top three participants in the written examination. Participants attested to the excellent quality of the training in all ramifications and recommends it for anyone wishing to have updated knowledge about reinsurance practice.

The African Insurers Organisation (AIO) has moved to strengthen collaboration with the Nigerian insurance market while pledging more value in return for insurance companies of its member countries.

The Secretary General of the AIO, Mr. Jean Baptiste, said this during an official visit to the Nigerian Insurance Market in company of the AIO’s Communication and Public Relations Officer, Mr Charles Moki, hosted by the Nigerian Insurers Association (NIA) in Lagos.

A statement by the Head, Corp. Comm/Brand Management, NIA, Ajoke Adeyemi, said the visit of the AIO officials to Nigeria began with a meeting with the NIA Chairman, Mr Kunle Ahmed, flagged by the management of the NIA, led by the Director-General, Mrs Bola Odukale, on Monday, May 5, 2025, followed by a meeting with the Chief Executive Officers (CEOs) of AIO member companies in Nigeria.

The visit extended to other arms of the industry on Tuesday and ended with a dinner organised by the NIA on Wednesday for the AIO officials, Past Chairman of the AIO, Mr Tope Smart, board member of the AIO, Mr Eddie Efekoha, and principal officers of various arms of the insurance industry.

Mr. Baptiste commended the growth and potential of the Nigerian insurance market, noting that the AIO has been led by Nigerian business leaders in the last 13 years.

“This is significant because it reflects strong support for the system and the organization. Nigeria contributes the highest number of delegates to AIO events yearly; hence, we are here to open conversation with our Nigerian members and ready to consider your remarks and suggestions to serve you better.

“I am impressed by the Nigerian insurance market’s resilience and potential for growth. The industry has shown remarkable progress, and I believe that with the right support and guidance, it can become a driving force in Africa’s economy, “he said.

The Secretary General highlighted the organization’s achievements, including convincing the AfCTA Secretariat that AIO is the rightful voice of the African insurance industry.

According to him, the AIO is working on a feasibility study to harmonize regulatory frameworks across Africa, in collaboration with the United Nations Development
Programme (UNDP) and funding from the Africa Reinsurance Corporation.This, he said, would enable companies licensed in one country to operate in another without needing a new license and, as such, promote true integration.

The Secretary General also mentioned the Pan-African Payment and Settlement System (PAPSS) developed by Afreximbank, which recognizes insurers as key stakeholders.

He invited the industry’s stakeholders to attend the AIO’s upcoming general assembly at the end of the month, which will focus on the debt burden in Africa and its impact on the insurance industry.

“The theme of our upcoming general assembly is particularly relevant to the Nigerian insurance market. “The debt burden in Africa is a pressing issue, and insurers must have a seat at the table where Africa’s future is being discussed, “he said.

Commenting on behalf of the Nigeria member companies, the NIA Chairman, Mr. Ahmed appreciated the AIO officials for the visit, noting that the move to increase the benefits of its members would promote the organization and grow its membership base.Mr. Ahmed assured the AIO of the unrelenting support and collaboration of Nigerian insurers, while urging the AIO to support the Nigerian insurance market in its efforts to design a Mortality table, develop its Actuarial capacity and leverage on the opportunities in AfCTA.

Copied from : https://nigeriainsurers.org/aio-strengthens-ties-with-nigerian-insurers-pledges-better-return-for-members/

As cyber incidents continues to rise and maintaining the top position as the most pressing risk, the Nigerian insurance market is missing out on the cyber insurance market valued globally at $16.6 billion as at 2024, The Nation has learnt.

In a report published by Broker Guy Carpenter, North America dominates this market with $10.5 billion in premiums, followed by Europe at $3.9b and Asia Pacific $1.7b. The remaining $500m are underwritten in the rest of the world, including Africa.

According to the Broker, the growth of this business segment stems from the increase in cyber risks, the introduction of new products and the emergence of new market players. An insurance executive said insurance companies are turning down cyber insurance businesses going by the high risk of the business.

He said only few insurance companies like Allianz, Leadway Assurance and Custodian and Allied Insurance are underwriting the business.

A senior insurer stated that there is lack of accurate data in the insurance industry making it dangerous for insurers to go into such a volatile business.

The issue is not but that the risk measure that operators are putting in is not enough. He said they are afraid of going into the biasness because the risk is too much.

He said: “They have to consider their fine word, IT Infrastructure, security, among others. It is typical of Nigerians not wanting to spend so much on IT apart from the banks and this is why the banking industry is faster than other sectors.

“The bank that has cyber insurance are majorly taken offshore. Our industry is not playing much in the market out. I believe we can do more by putting all that is required in place so as not to continue losing out on the multi-billion dollar market”, he noted.

A new insurance campaign aimed at increasing access and restoring confidence of motorist and vehicle owners on the value of taking genuine Third Party Motor Insurance has been launched in Nigeria.

Insurers in the new campaign aims to enhance access and boost confidence in third-party motor insurance, highlighting the industry’s commitment to ensuring drivers can easily obtain reliable coverage while fostering trust in the system.

This initiative follows the February 1, 2025 directive by the Nigeria Police Force requiring all vehicle owners to possess valid third-party motor insurance.

Read also: Insurance Institute releases 2025 April diet examination result

The coverage is essential for protecting drivers against the financial liabilities arising from accidents that cause damage to other vehicles, property, or result in bodily injury to third parties.

“Many drivers remain unaware that third-party motor insurance is not only a legal obligation, but also a critical safeguard for the lives and properties of fellow road users,” said Ebelechukwu Nwachukwu, chairman, Communication & Stakeholder Engagement Sub-Committee, Insurers Committee

Nwachukwu, who is also the CEO of Rex Insurance said this campaign is designed to raise awareness, encourage compliance, and highlight the consequences of driving uninsured.

The awareness campaign is pan-Nigeria and will have radio jingles in the major languages – Ibo, Hausa, Yoruba, Pidgin and English. Other aspects of the campaign include Print media and Out-of-Home (billboards) in some major commercial cities in the country, such as Lagos, Abuja and Port Harcourt and social media.

According to Moruf Apampa, vice chairman of the Sub-Committee and MD of NSIA Insurance, “there are still a lot of vehicles on the road without proper insurance. When accidents happen, it is often innocent people and public services that end up bearing the cost. This campaign is about helping people understand why insurance matters and making it easier for them to get covered”.

To make compliance easier, Nigerians can now conveniently purchase or renew third-party motor insurance policies through the Nigerian Insurance Industry Portal (NIIP) online portal, or by visiting any registered insurance provider nationwide. The NIID platform ensures transparency, instant verification, and peace of mind for all parties involved. Verification of your insurance policy can also be done online by visiting ASKNIID and inputting your car registration details.

“Compliance with this requirement is not just about avoiding penalties; it’s about protecting yourself and others every time you’re on the road,” said Ebelechukwu B. Nwachukwu. “Another key element of the 3rd Party insurance is that if one travels across West Africa, you have insurance coverage, and this is an added advantage that people need to be aware of”.

Read also: SMEs Need Insurance More Than Funding

Other members of the Sub-Committee present at the press briefing include Ademola Abidogun, MD, Guinea Insurance as well as Abimbola Onakomaiya, president, Professional Insurance Ladies Association (PILA) and CAMCONIA who all sought the support of the media and other relevant partners in developing the insurance industry in Nigeria.

The Nigerian federal government has announced revised insurance regulations for leased aircraft that align with the Cape Town Convention to ease aircraft financing for local airlines.

Aviation Minister Festus Keyama said in a statement that the revised policy allows local operators to cede up to 90% of insurance risk to international markets under certain conditions and improves Irrevocable Deregistration and Export Request Authorisation (IDERA). The latter allows lessors and financiers to request the deregistration and export of an aircraft from a country without interference from the lessee.

Announcing the revised regulations in Abuja on March 12, Keyama emphasised the current administration’s focus on investor friendliness, compliance with international standards, and support for local aviation growth.

According to Olusegun Ayo Omosehin, commissioner of the National Insurance Commission (NAICOM), the move is also expected to enhance industry stability, lower airfares, attract foreign investment, and ultimately boost Nigeria’s gross domestic product (GDP).

Obiora Okonkwo, chairman of the Airline Operators of Nigeria (AON), welcomed the revised regulations, highlighting the potential to strengthen the aviation sector, retain more revenue locally, and improve services for Nigerians.

Keyama has been working to make it easier and more affordable for Nigerian airlines to expand their fleets. Under his leadership, Nigeria signed a legal practice direction for compliance with the Cape Town Convention in September 2024 and agreed to a 24-hour turnaround of IDERA. This resulted in Nigeria’s compliance status rising from 49.5% to 75.5% as rated by the Aviation Working Group (AWG), a legal entity comprised of major aviation manufacturers, lessors, and financial institutions that contribute to the development of policies, laws, and regulations that facilitate international aviation financing and leasing.

The National Insurance Commission (NAICOM) has emphasized the importance of long-term financial planning and risk management in ensuring a stable and secure retirement.

Speaking at the 2025 edition of the Inspenonline Retirement Summit in Lagos, NAICOM Chief Executive Officer, Olusegun Omosehin, highlighted the need for proactive retirement savings and investment strategies.

Represented by Julius Odidi, Lagos Director of NAICOM, Omosehin stressed that individuals must prioritize long-term financial planning to mitigate challenges associated with inflation, market volatility, and demographic shifts.

“The reality today is that more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings. These economic headwinds are not merely statistics; they represent the lived experiences of millions of our citizens.  

“As regulators, insurers, pension administrators, and policymakers, we must rise to this challenge with innovation, empathy, and resilience,” Omosehin stated.

Policy Reforms and Strategic Financial Solutions 

Omosehin pointed out that effective retirement planning must be rooted in financial protection and risk management, with tools such as annuities, life insurance, and structured retirement savings plans playing a crucial role in long-term stability.

“Products such as annuities, life insurance, and retirement savings plans are not just financial instruments; they are vital tools for peace of mind in later life. We must work to ensure these tools are accessible, transparent, and align with the evolving needs of our aging population,” he added.

To navigate economic uncertainties, Omosehin emphasized the need for policy alignment across the insurance, pension, and financial sectors, ensuring that regulations are long-term focused rather than short-term reactive.

He also advocated for greater financial literacy and consumer empowerment, particularly among informal sector workers, who often lack access to structured retirement plans.

Industry Collaboration and Pension Compliance 

Calling for closer collaboration between insurers, regulators, and policymakers, Omosehin urged stakeholders to develop innovative and inclusive retirement products, leveraging micro-insurance and digital platforms to expand coverage.

“We must ensure our policies across the insurance, pension, and financial sectors are not working at cross purposes. Regulation must be enabling, responsive, and focused on long-term value rather than short-term gains,” he said.

• Also speaking at the summit, Nigeria Labour Congress (NLC) Lagos Chapter Chairperson, Funmi Sesi, urged all levels of government to enforce full compliance with the Contributory Pension Scheme (CPS), noting that only six states currently adhere to the policy.
• She stressed the importance of prompt gratuity payments to retirees, warning that delays could lead to financial instability.
• Chuks Okonta, Publisher of Inspenonline and organizer of the Retirement Summit, emphasized the need to reshape perceptions around retirement planning, advocating for early preparation to ensure financial independence.

“We want to change this perception. Our goal is to empower individuals to plan effectively for retirement, enabling them to look forward to this phase of life with joy and confidence, rather than fear and uncertainty,” Okonta stated.

What you should know 

• At the event, Stanbic IBTC Insurance Managing Director, Akinjide Orimolade, introduced the Sunset Benefit Plan, a new insurance product aimed at helping individuals proactively prepare for retirement.
• With NAICOM reinforcing its commitment to improving insurance penetration and retirement security, the summit emphasized the urgent need for regulatory reforms, consumer awareness, and innovative financial solutions to address the evolving challenges faced by retirees.

Insurance companies under the auspices of the Nigerian Insurers Association (NIA) have agreed to the N10 billion capital base for life insurance, N15 billion for non-life and N35 billion for Reinsurance businesses in the country as included in the Nigerian Insurance Industry Reform Bill that is on the verge of being passed into law.

The Nigerian Insurance Industry Reform Bill 2024 is a significant piece of legislation aimed at overhauling the regulatory framework of the insurance sector in Nigeria.

The existing Insurance Act of 2003 is outdated and does not adequately address the current realities and evolving needs of the Nigerian insurance market while the reform bill is regarded as a timely and necessary step to bring the legal framework in line with contemporary challenges and international best practices.

Speaking on this development at a media parley in Lagos recently, the chairman of NIA, Kunle Ahmed said, the proposed significant increase in the minimum capital requirements for insurance companies (non-life: N15 billion, Life: N10 billion, Reinsurance:N35 billion) will enhance the financial capacity of insurers to underwrite larger risks, improve their solvency, and increased public confidence in their ability to meet obligations.

He stressed that it aims to improve the industry’s retention capacity and reduce reliance on foreign reinsurance.

Stating that the bill emphasises a shift towards risk-based supervision, which is a more sophisticated and effective approach to regulation, he added that this will allow the National Insurance Commission (NAICOM) to better monitor and manage risks within the industry, ensuring stability and protecting policyholders’ interests.

“One key objective of the bill is to strengthen the protection of policyholders. This is vital for building trust in the insurance sector and encouraging greater participation from the public. Specific provisions for consumer protection will be crucial in achieving this.

“The bill introduces stricter licensing requirements for insurance operators, directors, and management, ensuring that only fit and proper persons are allowed to operate in the industry. This will help in maintaining professionalism and ethical standards,” he pointed out.

A stronger and more capitalized insurance industry, operating under a modern regulatory framework (the NAICOM Act is also currently being reviewed), he said, has a greater potential to contribute significantly to Nigeria’s GDP and overall economic development.

To him, “The bill is now awaiting presidential assent to become law. NAICOM and industry stakeholders have expressed optimism that the President will sign the bill into law, and once enacted, the Nigerian Insurance Industry Reform Act 2024 is expected to have profound implications for the industry.”