L-R: Kesiena Faith Ughwode, chief executive officer of Almond Productions Limited; Ogala Osoka, insurance industry veteran; and Jean Chiazor Anishere and Olajide Fadun, a professor at the University of Lagos at the event.
The Almond Insurance has reaffirmed its commitment to strengthening performance benchmarking in Nigeria’s insurance sector through a refreshed industry rating framework aligned with the Nigerian Insurance Industry Reform Act (NIIRA) 2025, as stakeholders intensify efforts to deepen innovation, transparency, and market growth.
Speaking on the direction of the award, Ogala Osoka, chairman of the Almond 2026 Awards Panel, said the initiative has been deliberately repositioned to reflect emerging regulatory priorities and to support the broader transformation agenda of the insurance industry under NIIRA 2025.
According to him, the updated framework is designed to reinforce excellence, encourage innovation, and ensure that industry recognition aligns with global best practices and the evolving structure of Nigeria’s insurance ecosystem.
“Insurance remains a critical pillar of the financial services sector. In many developed economies, insurance institutions are major investors with substantial interests across various sectors. Despite its importance, insurance penetration in Nigeria remains relatively low compared to global standards, indicating significant opportunities for growth,” Osoka said.
He noted that while awareness of insurance has improved over time, a significant gap still exists between awareness and actual uptake, stressing the need for more innovative approaches and effective platforms to communicate the value of insurance to a wider audience.
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Osoka explained that the
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