The President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, has said that the Nigerian insurance industry is entering a new era of growth and stability following the signing of the Nigerian Insurance Industry Reform Act (NIIRA 2025).
She gave the assurance during the 2025 Insurance Professionals Forum held in Abeokuta, Ogun State. According to her, the law, which was signed by President Bola Ahmed Tinubu in July 2025, will bring sweeping reforms that will reshape the industry and boost confidence among Nigerians.
The new law introduced several provisions aimed at strengthening the sector. These include stricter capital requirements to ensure that operators remain financially strong, mandatory enforcement of compulsory insurance policies to protect consumers, digitisation of the insurance market for efficiency and wider access, and a firm stance against delays in claims settlement. It also created policyholder protection funds to safeguard customers in cases of insolvency and expanded Nigeria’s participation in regional schemes such as the ECOWAS Brown Card System.
Speaking at the forum, Mrs. Ilori explained that the success of the reform was due to collaboration between all key stakeholders. She said, “There was collaboration between the operators, the supervisor and the legislative arm of the country. So, everybody was prepared. It’s like it’s long expected. We expect to see an unprecedented transformation that will help in realising the vision of the President for a $1 trillion transformation.”
Also speaking, the Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, said the reform provides an assurance that Nigerians who take up insurance policies will be adequately protected. He stated, “We are excited about the opportunities that it presents, and we are also happy for Nigerians. Nigerians can rest assured that if they have the opportunity of taking up an insurance policy, they can never fall to the ground, because there are protection mechanisms that have been built into the law.”
The Governor of Ogun State, Prince Dapo Abiodun, who was represented at the event by the Secretary to the State Government, Mr. Tokunbo Talabi, urged industry players to uphold professionalism as the reforms are implemented. He said the sector must set a new standard of excellence. “What I want to see is an insurance industry that towers above any other industry. You cannot cut his leg, cut his hand, cut his toe and then say that this is going to be the big boy,” he said.
With the new law, industry watchers believe that insurance penetration in Nigeria could rise significantly from its current low level, while confidence among policyholders may improve. The reforms are also expected to attract more investors into the sector and ensure that insurance plays a bigger role in economic development.
