The Chartered Insurance Institute of Nigeria (CIIN) has described the recently signed Nigerian Insurance Industry Reform Act (NIIRA 2025) as a game-changer for the sector, with stakeholders projecting unprecedented transformation.
CIIN President, Yetunde Ilori, made the remark at the 2025 Insurance Professionals Forum in Abeokuta, Ogun State, noting that the law was the outcome of extensive collaboration among industry operators, regulators, and lawmakers.
Signed into law by President Bola Tinubu in July, NIIRA 2025 introduces far-reaching reforms, including stricter capital requirements to strengthen operators’ financial stability, compulsory insurance policies for greater consumer protection, digitisation of the market, and faster claims settlement. It also establishes policyholder protection funds in cases of insolvency and expands participation in regional schemes such as the ECOWAS Brown Card System.
“We expect to see an unprecedented transformation that aligns with the President’s $1 trillion economic vision,” Ilori said.
The Commissioner for Insurance, Olusegun Omosehin, welcomed the reforms, assuring policyholders of stronger safeguards. “Nigerians can rest assured that if they take up an insurance policy, they can never fall to the ground, because there are protection mechanisms built into the law,” he said.
Ogun State Governor Dapo Abiodun, represented by Secretary to the State Government Tokunbo Talabi, urged industry players to uphold professionalism. “What I want to see is an insurance industry that towers above any other industry,” he said.
