NAICOM Hails President Tinubu’s Signing of the 2025 Insurance Industry Reform Act

By Angel Ike

National Insurance Commission (NAICOM), has commended President Bola Tinubu for assenting to the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).

NAICOM said the signing of the Reform Act marks a significant milestone in the history of the industry and underscores this administration’s commitment to the financial sector’s reform and economic growth.

NIIRA 2025 is a game-changer for the Insurance industry, providing a modernised framework that will enhance insurance penetration, promote economic growth, protect policyholders’ interests and attract investments into the sector.

The Commission expressed 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.

NAICOM also appreciated the visionary leadership and commitment of the National Assembly for the passage of NIIRA 2025, particularly, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Mukhail Abiru, sponsor of the bill and Ahmed Jaha, Chairman, House of Representatives Committee on Insurance, extending its appreciation to the Minster of Finance and Coordinating minister of the Economy, Wale Edun, the minister of state for finance, Doris Uzoka- Anite and stakeholders in the Insurance Industry

“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 is 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. A Brighter Future for Nigeria’s Insurance Industry.

“NAICOM believes that 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.” The Commission stated

NAICOM however pledged 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.