An underwriting firm, KBL Insurance Plc, has reaffirmed its commitment to the Nigeria Insurance Industry Reform Agenda (NIIRA), describing the reforms as critical to boosting investor confidence, strengthening market discipline and ensuring long-term stability in the sector.
The insurer, in a new year message, said it remained fully aligned with the objectives of NIIRA, the industry-wide framework designed to enhance transparency, data integrity and underwriting discipline, while improving operational efficiency across the market.
According to the company, accurate data reporting and technology-driven processes remain central to its strategy as the industry adjusts to tighter regulatory expectations.
Managing Director/Chief Executive Officer, KBL Insurance, Lawal Mijinyawa, described NIIRA and the recapitalisation as transformative rather than mere compliance requirements.
“NIIRA and recapitalisation are strategic levers for deepening trust, improving service delivery, and positioning insurance companies for long-term sustainability. Our approach at KBL is deliberate and we are confident in our readiness to meet both current and future expectations of regulators and the market,” Mijinyawa said.
Other industry operators have acknowledged that ongoing reforms, spearheaded by the National Insurance Commission (NAICOM), will likely lead to a more resilient sector, stronger balance sheets and improved claims-paying capacity.
