She said that the reforms were necessary for the survival and long-term growth of the sector.
President Bola Tinubu signed the NIIRA into law on Tuesday.
Soares described the current period as critical for the industry, and added that while the changes introduced by the new law might be difficult, they were necessary for repositioning the sector.
“We have a very challenging situation right now, and a lot needs to be done to ensure the survival of the insurance industry.
Some of the changes that need to be made may be painful, but they are necessary,” she said.
Soares urged insurance operators to streamline their business models, identify their core areas of focus, and align capital investment accordingly, rather than spreading resources thin.
“Every company must determine its core line of business. That clarity helps in deciding the capital requirements and allows for greater focus. Running into everything at once is no longer optional.
“Even from the sidelines, it was clear this was coming. I believe operators have been bracing themselves for it, and I do not foresee widespread casualties.
“The future of the industry looks bright if we all work together and take the bull by the horns.”
Regarding the 2025 Almond Awards, Soares announced that the voting process had begun and would close on Sept. 5 to allow the panel time for final processing.
She said this year’s edition recorded an increase in participation, with 914 nominations received, compared to 392 in 2024, representing a 79.94 per cent increase.
“This sharp increase is a testament to the growing recognition and prestige of the Almond Awards within and outside the insurance industry,” she said.
To further strengthen transparency and reduce duplicate voting, Soares revealed that a One-Time Password (OTP) system would be implemented for this year’s voting process.
She said some nominations were not considered due to non-compliance with the laid-down criteria.
She encouraged nominees to mobilise their clients and the general public to vote via the official website: www.almondinsuranceindustryawards.com.
According to her, both companies and individuals are entitled to only one vote per category.
Soares explained that the winners in each category would be determined through a combination of 10 per cent public votes, 10 per cent judges’ decisions, and 80 per cent data provided by the National Insurance Commission (NAICOM).
Also, speaking at the event, Prof. Olajide Fadun, Consultant and Manager of the awards website, unveiled the nominees across the various categories and outlined the voting procedure for eligible participants.
He said that veteran Nollywood actor, Segun Arinze, would host the awards night scheduled for Nov. 7 in Lagos.
In her remarks, Chief Jean Chiazor-Anishere, a member of the awards panel of judges, described the Almond Awards as a platform that had contributed to raising insurance awareness and deepening penetration in Nigeria.
She added that the awards had helped many insurance firms improve the quality of their services.
