Tax Reforms, Recapitalisation Present Further Challenges To Insurance Sector In 2025– CIIN

The President of the Chartered Insurance Institute of Nigeria, (CIIN) Yetunde Ilori, has disclosed that the proposed tax reforms and possible recapitalisation will present some challenges that the insurance sector will face in 2025.

This will couple with the harsh economic condition under which the Nigerian insurance industry operated in 2024.

Ilori made this known in her New Year message to members of CIIN.

She said, “Despite our achievements, it is pertinent to note that the Nigerian insurance industry operated under very harsh economic conditions in 2024. I wish I could promise you that things will get better in 2025. However, various objective sources have projected that greater challenges lie ahead.

“Our nation is in dire straits, with intimidating inflation that seeks to impoverish all, an excruciating exchange rate, rising unemployment, and other ravenous economic conditions directly affecting the insurance business. Similarly, the proposed tax reform, solvency control, and intervention framework, as well as the inevitable recapitalisation that would be enforced once the insurance reform bill is passed into law, present further challenges.”

She added that regardless of how grave the economic conditions may be, it also presents great opportunities for the sector.

“But change will not come by accident; we have to collectively make a difference as professionals. We must reorient ourselves and push the boundaries of creativity, innovation, customer satisfaction, service excellence, and ethics while leveraging technology and promoting inclusive insurance practices.” she added.

The CIIN boss added that the institute would be focusing on creating awareness about insurance in the country.