Nigeria’s insurance sector is set for a major transformation after President Bola Tinubu signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law. The new legislation replaces outdated laws with a modernized framework designed to enhance transparency, innovation, and competitiveness in the country’s insurance sector. Key reforms include stricter capital requirements, mandatory insurance policies, digitization of services, and faster claims settlements—all aimed at boosting consumer trust and industry growth. The law also introduces policyholder protection funds and expands Nigeria’s role in regional insurance schemes like the ECOWAS Brown Card System. With the National Insurance Commission (NAICOM) overseeing implementation, the reforms could attract investments, deepen insurance penetration, and support Nigeria’s ambitious $1 trillion economy goal.
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