Nigerian Insurance Industry Reform Act (NIIRA) 2025

Folashade Adeniran
Aug, Thu, 2025

NIA hails Tinubu, says NIIRA 2025 will transform insurance, finance

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By Taiye Olayemi

The Nigerian Insurers Association (NIA) has commended President Bola Tinubu for assenting to the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Its Chairman, Mr Kunle Ahmed, in a statement on Wednesday, described (NIIRA) 2025, as a pivotal legislation that would set the stage for transformative progress across the insurance ecosystem and the broader financial services landscape.

Ahmed noted that the Act, signalled a bold step toward strengthening insurance industry’s regulatory framework, enhancing public trust, improving market penetration, and modernising operations.

“It reflects the commitment of the Federal Government to deepening financial inclusion. It also ensures that insurance becomes a robust pillar in Nigeria’s economic architecture and in line with the president’s vision for achieving a $1 trillion economy by 2030.

“The association extends heartfelt gratitude to all stakeholders whose tireless efforts shaped the development and successful passage of the Act.

“The National Assembly, for their deliberations and legislative stewardship, the National Insurance Commission (NAICOM), for regulatory guidance and technical expertise, and other key government agencies.

“Our esteemed member companies, whose feedback and vision have been invaluable and the civil society advocates, academia, and policy experts who contributed insight and integrity throughout the reform process.

“Your collaborative spirit and unwavering commitment to the future of insurance in Nigeria have made this achievement possible,” he added.

Going forward, Ahmed pledged NIA’s full support toward the successful implementation of the NIRRA Act.

He said that the association was dedicated to facilitating sector-wide understanding and adoption of the Act’s provisions.

According to him, this will be by engaging member companies and stakeholders through capacity-building, advocacy, and technical support.

He said that NIA would continue to partner with regulators to ensure seamless execution and compliance, while also promoting innovation and inclusion in line with the goals of the legislation.

“This is not just a legislative victory; it is a shared mission. NIA stands ready to champion a more resilient and customer-centric insurance sector that contributes meaningfully to national development,” he said.

The News Agency of Nigeria reports that President Bola Ahmed signed the Nigerian Insurance Industry Reform Bill on Tuesday, Aug. 5. (NAN)

Edited by Olawunmi Ashafa

Expert urges insurance industry to embrace new reform act

Folashade Adeniran
Aug, Thu, 2025

Economy/Business

Expert urges insurance industry to embrace new reform act

115 total views today

By Taiye Olayemi

Ms Prisca Soares, Chairman of the Almond Insurance Industry Awards Panel of Judges, has urged stakeholders in the insurance industry to embrace the reforms outlined in the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Soares spoke at a news conference unveiling nominees for the 2025 Almond Insurance Industry Awards on Wednesday in Lagos.

She said that the reforms were necessary for the survival and long-term growth of the sector.

The News Agency of Nigeria (NAN) reports that President Bola Tinubu signed the NIIRA into law on Tuesday.

Soares described the current period as critical for the industry, and added that while the changes introduced by the new law might be difficult, they were necessary for repositioning the sector.

“We have a very challenging situation right now, and a lot needs to be done to ensure the survival of the insurance industry.

Some of the changes that need to be made may be painful, but they are necessary,” she said.

Soares urged insurance operators to streamline their business models, identify their core areas of focus, and align capital investment accordingly, rather than spreading resources thin.

“Every company must determine its core line of business. That clarity helps in deciding the capital requirements and allows for greater focus. Running into everything at once is no longer optional.

“Even from the sidelines, it was clear this was coming. I believe operators have been bracing themselves for it, and I do not foresee widespread casualties.

“The future of the industry looks bright if we all work together and take the bull by the horns.”

Regarding the 2025 Almond Awards, Soares announced that the voting process had begun and would close on Sept. 5 to allow the panel time for final processing.

She said this year’s edition recorded an increase in participation, with 914 nominations received, compared to 392 in 2024, representing a 79.94 per cent increase.

“This sharp increase is a testament to the growing recognition and prestige of the Almond Awards within and outside the insurance industry,” she said.

To further strengthen transparency and reduce duplicate voting, Soares revealed that a One-Time Password (OTP) system would be implemented for this year’s voting process.

She said some nominations were not considered due to non-compliance with the laid-down criteria.

She encouraged nominees to mobilise their clients and the general public to vote via the official website.

According to her, both companies and individuals are entitled to only one vote per category.

Soares explained that the winners in each category would be determined through a combination of 10 per cent public votes, 10 per cent judges’ decisions, and 80 per cent data provided by the National Insurance Commission (NAICOM).

Also, speaking at the event, Prof. Olajide Fadun, Consultant and Manager of the awards website, unveiled the nominees across the various categories and outlined the voting procedure for eligible participants.

In her remarks, Chief Jean Chiazor-Anishere, a member of the awards panel of judges, described the Almond Awards as a platform that had contributed to raising insurance awareness and deepening penetration in Nigeria.

She added that the awards had helped many insurance firms improve the quality of their services.(NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa