New Law Set to Transform Nigeria’s Insurance Sector
By Patience Ikpeme
The National Insurance Commission (NAICOM) has said that the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025), signed into law by President Bola Ahmed Tinubu, will unlock the insurance sector’s potential and enable it to contribute more significantly to the nation’s economic development.
The commission believes the new law will be crucial in achieving the administration’s goal of a $1 trillion economy.
In a statement issued on Tuesday, the insurance industry regulator described the new legislation as a game-changer. It provides a modern framework that is expected to increase insurance penetration, promote economic growth, protect the interests of policyholders, and attract investments into the sector.
This new Act is the first major reform in more than two decades, following the Insurance Act of 2003, and it aims to position the Nigerian insurance industry to compete more effectively within Africa and globally.
NAICOM expressed confidence that the new law will serve as a catalyst for growth and innovation, building greater market confidence in the insurance sector. The commission believes this will unlock the industry’s full potential and have a highly positive impact on the sector’s contribution to the country’s GDP and overall economy. By strengthening the regulatory framework, improving consumer protection, and promoting a more effective industry, the Act is set to drive significant growth.
Looking to the future, the industry is optimistic about the positive effects of the Act on the economy and the lives of Nigerians. NAICOM stated that the sector is now ready for business and that the Nigerian economy will be the ultimate beneficiary.
The commission also committed to working diligently to ensure the successful implementation of the NIIRA 2025, using its provisions to promote growth and excellence across the industry. The statement concluded by thanking all stakeholders for their continued support and commitment.
