Ms. Prisca Soares, Chairperson of the Almond Insurance Industry Awards judging panel, has called on players in the insurance sector to fully embrace the changes introduced by the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025.
She made this appeal during a press briefing held in Lagos on Wednesday to unveil nominees for the upcoming 2025 Almond Insurance Industry Awards.
Soares emphasized that while some of the reforms may pose initial challenges, they are essential for the sustainability and long-term success of Nigeria’s insurance industry.
The NIIRA was passed into law on Tuesday.
Describing the current phase as a pivotal moment for the sector, Soares noted that adaptation to these reforms is non-negotiable if the industry is to thrive.
“We are in a difficult yet necessary period for the insurance industry,” she said. “While some of the adjustments may seem tough, they are important steps toward repositioning the sector for growth.”
She encouraged operators to sharpen their focus, identify their core service areas, and invest resources more strategically instead of spreading efforts too thin.
“Each company must clearly define its main business area. This clarity helps determine capital needs and ensures better strategic direction. Trying to cover every segment is no longer practical,” she explained.
Soares added that many industry players had anticipated the reforms and were preparing to adjust accordingly. “I’m optimistic about the industry’s future if we face these changes collectively and decisively.”
At the 2025 Almond Awards, Soares announced that the voting window had officially opened and would close on September 5, allowing sufficient time for the final evaluation phase.
She highlighted a significant boost in participation, with 914 nominations received this year — up from 392 in 2024, marking a 79.94% increase.
“This surge in nominations reflects the growing reputation of the Almond Awards both within the industry and among the general public,” she said.
To strengthen the integrity of the voting process, Soares revealed that a One-Time Password (OTP) system would be introduced this year to curb duplicate votes. She noted that some entries were disqualified due to failing to meet the established criteria.
She urged shortlisted candidates to encourage their clients and supporters to cast votes through the official awards platform.
Each participant—whether an individual or a company—is allowed just one vote per category.
Winners will be selected based on a blend of public votes (10%), judges’ assessments (10%), and performance data from the National Insurance Commission (NAICOM) (80%).
Also speaking at the event, Prof. Olajide Fadun, the Awards Website Consultant and Manager, unveiled the list of nominees and walked participants through the voting process.
He announced that veteran Nollywood actor Segun Arinze would serve as the host for the awards ceremony, scheduled to take place on November 7 in Lagos.
In her remarks, Chief Jean Chiazor-Anishere, another member of the judging panel, praised the Almond Awards for helping to improve public understanding of insurance and boosting engagement within the sector.
She noted that the awards had contributed significantly to service quality improvement among Nigerian insurance providers.