By Sola Alabadan

With support from Africa Re Foundation, the Nigerian Insurers Association ((NIA) has commenced the development of a Mortality Rate Table for Nigeria.
NIA’s Chairman, Mr. Kunle Ahmed, who confirmed this in a new year message to the chief executive officers of member companies of the association, stated the project is expected to add significant value to the life insurance market in the country.
Since inception, Nigerian insurers have been relying on tables from the UK, but are now striving to produce the first Nigerian-specific mortality tables, truly reflecting Nigerian insurance and pension experience, for more accurate risk assessment.
Similar efforts in the past did not yield fruits, as it would be recalled that the World Bank had around 2007 commissioned a project to compile a befitting mortality table for the Nigerian and African life insurance market.
A mortality table in insurance is a statistical tool (also called a life table) that shows the probability of death at each age, helping actuaries price life insurance, annuities, and pensions by predicting lifespan and financial risks.
These tables use vast population data to calculate mortality rates, allowing insurers to set premiums, assess policyholder longevity, and ensure they can meet future claims, fundamentally guiding risk assessment for lifespan-dependent products.
Ahmed also appreciated the CEOs for their commitment to client’s satisfaction, unwavering support, resilience, and collaborative spirit, which together defined the remarkable progress of the association and the Nigerian insurance industry in 2025.
He pointed out that “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.
“We also rejuvenated our media strategy, amplified the industry’s voice, and continued capacity-building programmes to equip professionals for an evolving marketplace.
“In 2025, the Nigeria Insurance Industry Reform Act (NIIRA) was signed into law, creating a stronger framework for insurance penetration, governance, and sustainable growth. As 2026 begins, the priority is its effective implementation through collaboration among companies, regulators, and stakeholders. The NIA has pledged continued support via advocacy, guidance, capacity-building, and plans to establish a recapitalization help desk to assist members during the transition.
With cooperation, transparency, and shared responsibility, I am confident we will consolidate the gains of 2025 and usher in a new era of growth and public trust.”

By Sola Alabadan

The management of Great Nigeria Insurance Plc (GNI) has clarified the issues surrounding the 25-storey building engulfed by fire recently on the Lagos Island, affirming that the company has no dealings whatsoever with the management and tenants occupying the property since year 2020.
While sympathising with those who might have been affected by the fire incident, the management stated that GNI was granted a long lease of bare land at No. 47/57, Martins Street, Lagos Island by the Shitta-Bey Family and this lease is
due to expire on the 31st of December, 2036.
It is on the said land that GNI erected a 25-storey building for strategic investment purposes.
However, GNI pointed out that it has since been in court with the Shitta-Bey family on the property because the family instituted three separate suits against the company at both the Lagos State High Court and the Federal High Court.
While all the suits were decided in favour of GNI, the family filed separate appeals in the Lagos Judicial Division of the Court of Appeal.
GNI explained that “In the year 2020, during the pendency of these appeals, the Shitta-Bey family, in utter disregard of the court orders
in the suits between it and GNI, and during the subsistence of the unexpired leasehold of GNI; resorted to self-help, forcefully entered, and took over possession of the property.
“The Shitta-Bey family also proceeded to lease out the property to tenants without recourse to GNI.”
As a responsible corporate organisation with its cherished corporate image to protect, GNI followed the legal path by approaching the High Court of Lagos State through a trespass action, the management of GNI added.
Thereafter, tbe High Court ordered the Shitta-Bey family to vacate possession of the property and also restrained the family from continuing with further acts of trespass on the property.
Again, the family, being dissatisfied, appealed against the said ruling of the court.
In the interim, the substantive suit
challenging the family for trespass is still pending at the Lagos Judicial Division of the High Court of Lagos State.
In view of the fact that the management of GNI has been denied physical possession of the property for over five years, the company disowned the management and tenants occupying the property for these years.
While thanking the general public, its numerous stakeholders, especially the customers for their concern, GNI reassured them that this fire incident has not affected its operations in any
way.
GNI stressed that it does not maintain any office in the burnt building, and does no conduct any operations whatsoever therein, pointing out that its head office remains at No. 8 Omo Osagie Street, Off Awolowo Road, S.W, Ikoyi, Lagos and that the company continue to conduct its legitimate businesses therein, and in all its other branches in Nigeria.

The Nigerian Insurers Association (NIA) in partnership with the United Nations Development Programme (UNDP) and Milliman, organised a free Actuarial Capacity Building Training in Lagos recently, 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.
The training was organised within the framework of the UNDP’s Insurance and Risk Finance Facility (IRFF) to engage key stakeholders on strategies for strengthening actuarial capacity within the insurance industry.
In his address, the Chairman of NIA, Mr. Kunle Ahmed, represented by the Director-General of NIA, Mrs. Bola Odukale, appreciated the efforts of UNDP and Milliman for organising the workshop for Insurance operators in Nigeria.
Ahmed assured that the NIA is committed to building the capacity of local actuaries and would continue to drive it with partners for the growth of the industry.
The Chairman admitted that it is expensive to train Actuaries but urged insurance companies to commit to supporting the development of Actuaries in terms of cost and training.
He urged the participants to contribute meaningfully to the dialogue, adding that it was an opportunity to build a robust pipeline of actuarial professionals in Nigeria.
In his remark, Mr. Ikenna Orji, Programmes Specialist, UNDP, appreciated the NIA for making it seamless to connect with the insurers, noting that the project is 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.
Mr Adrian Allott, Facilitator, Milliman GAIN, said Milliman is working with countries across the world to strengthen their actuarial capacity.
Allott said Milliman is on a mission to help Nigeria insurers develop their actuarial team to strengthen their prudential management and improve their understanding of risk and balance sheet.
No fewer than 35 NIA member companies’ representatives attended the workshop.