•Say landmark legislation will pave way for insurance sector transformation
•NCRIB urges swift implementation
The Nigerian insurance industry has welcomed the signing of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 by President Bola Ahmed Tinubu, describing the new law as a milestone that will unlock the sector’s vast potential and strengthen its role in driving economic growth.
In separate statements, the National Insurance Commission (NAICOM), the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB) commended the President for assenting to the legislation on Tuesday, August 5, 2025.
The groups said the law would modernise regulatory frameworks, deepen financial inclusion, improve market penetration, and enhance consumer protection in line with the Federal Government’s $1 trillion economy vision by 2030.
NAICOM described NIIRA 2025 as a “game-changer” that will increase insurance penetration, promote economic growth, protect policyholders’ interests, and attract investments into the sector.
The Commission lauded the National Assembly, particularly the Senate Committee on Banking, Insurance and Other Financial Institutions chaired by Senator Mukhail Abiru for their role in passing the bill, alongside the Coordinating Minister of the Economy, Mr. Wale Edun, and the Minister of State for Finance, Dr. Doris Uzoka-Anite.
The NCRIB, through its president, Prince Babatunde Oguntade, hailed the Act as a “significant milestone” that will usher in a new era of growth, innovation, and consumer protection.
He urged the Federal Government to expedite gazetting and implementation, calling on industry operators to take full advantage of the reform to position the sector as a key pillar in achieving the $1 trillion economy target.
Similarly, NIA Chairman, Mr. Kunle Ahmed, said the Act would strengthen the regulatory framework, boost public trust, and modernise operations.
He pledged the association’s full support for sector-wide adoption through advocacy, capacity-building, and collaboration with regulators to ensure seamless execution.
The NIIRA 2025 replaces the Insurance Act 2003, introducing reforms such as higher minimum capital requirements for insurers, compulsory insurance enforcement, digitisation of the insurance market, zero tolerance for delayed claims settlement, and the creation of dedicated policyholder protection funds.
It also expands Nigeria’s participation in regional schemes like the ECOWAS Brown Card System.
Industry stakeholders agree that the new law will catalyse growth, innovation, and market confidence, positioning the insurance sector as a stronger contributor to GDP and national development.
READ ALSO: FG, NICOM adopt insurance policy to boost investment
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