The Nigeria Insurers Association (NIA) has officially commenced the development of a localized Mortality Rate Table, a move designed to standardize the pricing and sale of life insurance products across the country.
In a New Year message reflecting on the sector’s performance, NIA Chairman Mr. Kunle Ahmed highlighted that the project, being executed in collaboration with the Africa Re Foundation, is expected to add significant value to the life insurance market by providing more accurate data for underwriting.
Currently, the Nigerian insurance industry relies heavily on international data, and a domestic table is seen as a critical step toward tailoring products to the specific health and demographic profile of the Nigerian population.
This technical milestone follows the landmark signing of the Nigeria Insurance Industry Reform Act (NIIRA) by President Bola Tinubu in late 2025. Mr. Ahmed described the new law as a transformative achievement that establishes a more robust framework for insurance penetration, governance, and sustainable growth.
The act is intended to replace outdated regulations, offering the industry the legal flexibility needed to expand into untapped markets while strengthening the regulatory oversight of the National Insurance Commission (NAICOM).
In tandem with these infrastructure developments, the NIA has entered a strategic partnership with the United Nations Development Programme (UNDP) and Milliman to bolster actuarial expertise in the country. Under the Global Actuarial Initiative in Nigeria (GAIN), the partnership organized specialized training for human resources practitioners and executive leadership within member companies.
The initiative addresses a critical talent gap in the industry, as the lack of certified actuaries has historically hindered the ability of local firms to conduct complex risk assessments and develop innovative products.
UNDP Programmes Specialist Mr. Ikenna Orji noted that low insurance penetration remains a major developmental challenge for Nigeria. By supporting the NIA and Milliman in building actuarial capacity, the UNDP aims to foster a more resilient financial ecosystem that can better protect citizens from economic shocks.
The collaboration is part of a broader agenda to raise insurance awareness and ensure that practitioners are equipped with global best practices in risk management. Mr. Ahmed emphasized that the progress recorded in 2025, from regulatory reforms to capacity building, has set a new pace for the industry as it enters 2026.
 has officially commenced the development of a localized Mortality Rate Table, a move designed to standardize the pricing and sale of life insurance products across the country.){kind=link}