Tinubu Signs Nigerian Insurance Reform Act

President Bola Tinubu has signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law, enacting sweeping changes to modernize Nigeria's insurance sector. The Act repeals and consolidates outdated legislation, creating a unified regulatory framework to encourage innovation, strengthen oversight, and protect policyholders. Major reforms include higher minimum capital requirements for insurers and reinsurers, mandatory insurance policies, digitisation goals, strict claims settlement timelines, and policyholder protection funds. These changes are designed to improve financial soundness, consumer protection, and operational efficiency, with the goal of significantly increasing insurance penetration, which is currently below 1%. The legislation supports the government's ambition for a $1 trillion economy by attracting investment, creating jobs, and enhancing the industry's global competitiveness. The National Insurance Commission (NAICOM) is responsible for implementing the Act to unlock the sector's full potential and promote inclusive economic growth.