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.
- +Almond remerges industry performance rating on NIIRA implementation
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.
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.
Osoka explained that the Almond Insurance Industry Awards has continued to position itself as one such platform, contributing to industry visibility and performance recognition.
“The awards ceremony will bring together policymakers, insurance professionals, business leaders, and other stakeholders to celebrate excellence and recognise individuals and organisations that have made outstanding contributions to the growth and development of the industry,” he added.
He further stated that the objective of the awards is to recognise and reward exceptional efforts by professionals who drive insurance awareness, improve service delivery, and deliver value across the ecosystem, while also honouring companies demonstrating excellence in management, innovation, customer service, and operational performance.
To ensure alignment with global standards, Osoka disclosed that several categories have been reviewed and streamlined. These include Insurance CEO of the Year, Insurance Woman of the Year, Life Insurance Company of the Year, General Insurance Company of the Year, Insurance Broker of the Year, Insurance Brokerage Company of the Year, Microinsurance Company of the Year, and InsurTech Company of the Year, among others.
He also highlighted the introduction of a new category, Insurance Technology Company of the Year, describing it as a reflection of the increasing role of digital transformation in reshaping insurance operations and service delivery.
“As Chairman of the Awards Panel, supported by a team of highly respected professionals, I assure all stakeholders that fairness, transparency, and integrity will remain at the heart of the selection process,” Osoka said.
He emphasised that all nominations and assessments would be conducted objectively and strictly in line with established criteria, while acknowledging the contributions of fellow panel members in strengthening the credibility of the process.
Osoka added that the awards have continued to gain influence within the industry, with growing participation from practitioners and the public, reflecting increasing confidence in the programme’s integrity and value.
He noted that recognition from the awards has helped enhance corporate reputation, improve brand visibility, and serve as a strategic marketing advantage for organisations and individuals across the sector.
According to him, the awards have also played a role in raising industry standards, as companies increasingly use feedback from the evaluation process to improve operations and align with best practices.
“This year, the nomination and voting process has been further simplified based on feedback from stakeholders. The redesigned platform offers a more user-friendly experience, making it easier for participants to nominate candidates and cast votes across various categories,” he said.
