By LOVETH-AZODO CHIJIOKE, Lagos
The House of Representatives has reiterated its commitment to supporting legislative measures aimed at strengthening Nigeria’s insurance industry, with a renewed focus on improving regulation, consumer protection and expanding insurance penetration.
Chairman of the House Committee on Insurance and Actuarial Matters, Hon. Ahmadu Usman Jaha, gave the assurance on Friday during the investiture of Mr. Akinjide Oluwarotimi-Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN) at Harbour Point Event Centre, Victoria Island, Lagos.
Jaha said the National Assembly would continue to back initiatives designed to improve regulatory effectiveness, encourage innovation, attract investment and build greater public confidence in the insurance sector.
According to him, the insurance industry occupies a strategic position in the country’s economy through its role in mobilising long-term capital, supporting infrastructure financing, protecting businesses and households against unforeseen risks, promoting financial stability and contributing to sustainable economic growth.
He noted that an enabling legal framework remains essential to unlocking the industry’s full potential while strengthening public trust in insurance.
The lawmaker described the Chartered Insurance Institute of Nigeria as an important partner in promoting professional competence, ethical standards and capacity development, expressing the House’s readiness to sustain collaboration with the Institute in advancing policies and legislation that would enhance the resilience and global competitiveness of Nigeria’s insurance market.
Congratulating Orimolade on his election as the Institute’s 53rd President, Jaha said his emergence reflected the confidence reposed in his professional competence and dedication to the advancement of the insurance profession.
He also commended the Institute for its contributions to professional excellence through education, research, certification, ethics and continuous professional development, saying those efforts have continued to strengthen the credibility and competitiveness of the insurance industry.
Jaha observed that the new CIIN President assumed office at a period of significant change for the industry, marked by ongoing regulatory reforms, technological innovation, evolving consumer expectations, climate-related risks, financial inclusion initiatives and increasing demand for sustainable risk management solutions.
Expressing confidence in Orimolade’s leadership, the lawmaker said the new President has the opportunity to deepen professional standards, promote innovation and reinforce public confidence in insurance.
He urged him to give priority to initiatives that would expand insurance awareness, drive digital transformation, strengthen professional education, support young insurance practitioners and encourage research into emerging risks.
Jaha described the investiture as more than a change in leadership, saying it represented a renewed commitment to the ideals on which the Institute was established.
He expressed optimism that the Institute would, under Orimolade’s leadership, consolidate its standing as one of Africa’s leading professional insurance bodies while contributing further to the growth and development of Nigeria’s insurance industry.
The chairman wished the new CIIN President a successful tenure and expressed hope that it would be defined by innovation, collaboration and excellence for the benefit of the profession, the insurance industry and the country.
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