The insurance industry is the throes of a new era as it celebrates the assent of the Nigerian Insurance Industry Reform Act 2025 by President Bola Ahmed Tinubu GCFR. The first in line custodian of the Act National Insurance Commission (NAICOM) in response said, “This marks a significant milestone in the history of our industry and underscores this administration’s commitment to the financial sector’s reform and economic growth.”
Jubilant NAICOM in a statement said, “NIIRA 2025 is a game-changer for our industry, providing a modernized framework that will enhance insurance penetration, promote economic growth, protect policyholders’ interests and attract investments into the sector. We are confident that this new law will unlock the potential of the insurance sector, enabling it to contribute more meaningfully to Nigeria’s economic development and in achieving the $1 trillion dollar economy.”
“We also want to thank and appreciate the visionary leadership and commitment of the National Assembly for the passage of NIIRA 2025 particularly the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Distinguished Senator Mukhail Adetokunbo Abiru FCA, the sponsor of the Bill. This is a testament to your dedication and commitment to the growth and development of the insurance industry. We also express tremendous gratitude to his counterpart in the House of Representatives, Hon. Ahmed Usman Jaha, Chairman of the House of Representatives Committee on Insurance and Actuarial matters and all the members of their various committees for their dedication support and patriotism which saw the swift passage of the Act at the National Assembly.
The Regulator’ roll call of appreciation also include the Coordinating Minister of the Economy and the Honourable Minister of Finance Mr. Wale Edun as well as the Minister of State for Finance Dr. Doris Uzoka-Anite, and all other stakeholders for their critical role in this monumental achievement.
The new legislation marks a significant milestone in the country’s efforts to reinvigorate the insurance industry, over two decades after the enactment of the Insurance Act 2003. The Act marks a new era in the ongoing efforts to strengthen the Nigerian insurance industry, enabling it to compete favourably in the African insurance market and globally.
NAICOM said its confident that the new law will serve as a catalyst for growth, innovation, and enhance market confidence in the insurance sector, unlocking its full potential and significantly driving economic development. The Nigerian Insurance Industry Reform Act 2025 (NIIRA2025) represents a transformative milestone and a true game-changer for the nation’s insurance landscape.
According to the Commission, the new law is a promising opportunity to transform the industry and will have a high positive impact on the contribution of the insurance sector to the country’s GDP and economy as a whole. With its focus on strengthening the industry’s regulatory framework, enhancing consumer protection, and promoting a more robust and effective industry, the Act is set to unlock the growth and potential of the insurance sector. As the industry looks to the future, stakeholders are optimistic about the positive impact of the Act on the economy and the lives of Nigerians.
Proclaiming its readiness to roll out the Act NAICOM said its a new dawn in the insurance sector as the sector is ready for business and the Nigerian economy becomes the ultimate beneficiary. “We pledge to work tirelessly to ensure the successful implementation of the NIIRA 2025, leveraging its provisions to drive growth, innovation, and excellence in the insurance industry.”
