Proposed Reform Will Boost Investors’ Confidence In Nigeria’s Insurance Market, Woo Global Investors -Buhari

A lawmaker, Sen. Abdulfatai Buhari, Chairman of the Senate Committee on Aviation and Aerospace Development, has stated that Nigeria’s Insurance Industry Bill 2024, will attract global investment to the nation once enacted.

It will also strengthen Nigeria’s regulatory framework, increasing confidence in the nation’s insurance market and making it more appealing to investors.

Buhari spoke during the Nigeria Insurance Forum, a segment of the Airline Economics Growth Frontiers Global event in Dublin, Ireland, on Wednesday.

“The Nigerian Insurance Reform Bill, 2024, aims to provide a comprehensive legal and regulatory framework for the insurance business in Nigeria.

“It marks a significant milestone in efforts to reform the industry, bringing Nigeria’s insurance sector in line with global best practices by repealing and replacing outdated laws”.

Buhari also advocated for a portion of aircraft dry lease insurance to be allocated to the Nigerian local market.

He explained that involving the local market alongside international insurers would enhance regulatory confidence and provide added security.

Prof. Obiora Okonkwo, CEO of United Nigeria Airlines, revealed the challenge of satisfying both lessors and the local market regarding insurance.

He noted that lessors often require 100 per cent of insurance coverage to be handled internationally.