The Nigeria Insurers Association (NIA), said it has commenced the development of a Mortality Rate Table for Nigeria for the sale of its life insurance products.
NIA said the mortality table was a project that would add significant value to the life insurance market.
The association said it was collaborating with Africa Re Foundation for the project.
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NIA Chairman, Mr Kunle Ahmed who stated this in his new year message to the insurance industry said said one of the major achievements recorded by the insurance industry in the year 2025 was the signing into law of the Nigeria Insurance Industry Reform Act (NIIRA) by President Bola Tinubu.
He said this would create a stronger framework for insurance penetration, governance, and sustainable growth.
"I deeply appreciate your commitment to client's satisfaction, unwavering support, resilience, and collaborative spirit, which together defined the remarkable progress of our Association and the Nigerian insurance industry in 2025. The past year was transformative for the NIA, marked by initiatives that deepened the market, boosted public confidence, and strengthened stakeholder engagement. Key achievements included the launch of the NIA Innovation Lab, sustained advocacy on compulsory insurances, constant engagements with our regulator leading to improvements in issued circulars, and broader engagements with agencies like the National Assembly, EFCC, and sister associations to foster a more conducive business environment," he stated.
Meanwhile the association has entered into partnership with the United Nations Development Programme (UNDP) and Milliman, to organise a one-day free Actuarial Capacity Building Training under the Global Actuarial Initiative in Nigeria (GAIN) for human resources practitioners, senior managers involved in actuarial recruitment and executive leadership of its member companies.
In his remark, Programmes Specialist, UNDP, Mr. Ikenna Orji, appreciated the NIA for making it seamless to connect with the insurers, noting that the project was dedicated to insurance awareness.
"I thank the NIA, especially because we can not access the insurance practitioners as a group without the support of the NIA. The low insurance penetration in Nigeria poses a developmental challenge, hence the UNDP intervention to dedicate this programme for insurance awareness by partnering the NIA and Milliman to develop the actuarial aspect of insurance expertise in Nigeria," Orji said.
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