President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, aiming to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates outdated insurance laws into a single, modern legal framework, providing comprehensive regulation and supervision of insurance and reinsurance businesses in Nigeria.
The new law introduces key measures, including stringent capital requirements for operators, enforcement of compulsory insurance policies, digitization of the insurance market, zero tolerance for delayed claims settlement, and creation of policyholder protection funds.
The National Insurance Commission (NAICOM) will administer and implement the provisions of the NIIRA 2025 to unlock the industry’s potential and improve insurance penetration nationwide.
This reform is expected to attract new investments, boost consumer confidence, and position Nigeria as a leading insurance hub in Africa, aligning with the Federal Government’s vision of achieving a $1 trillion economy.
