President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025 into law — a sweeping legislation aimed at modernising Nigeria’s insurance sector, boosting financial stability, and supporting the country’s goal of becoming a $1 trillion economy.
The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates multiple outdated insurance laws into a single, modern framework for regulating all insurance and reinsurance operations in the country.
Under the Renewed Hope Agenda for the Insurance Sector, the new Act introduces:
- Higher capital requirements to strengthen operators’ financial resilience.
- Mandatory insurance policies to expand consumer protection.
- Full digitisation of the insurance market for better access and efficiency.
- Strict enforcement of timely claims settlement.
- Dedicated policyholder protection funds, especially for insolvency cases.
- Greater participation in regional schemes, including the ECOWAS Brown Card System.
The law mandates the National Insurance Commission (NAICOM) to enforce its provisions and drive reforms that will improve insurance penetration nationwide.
According to the Presidency, the NIIRA 2025 will attract new investments, enhance transparency, spur innovation, and position Nigeria as a leading insurance hub in Africa.
