Industry experts have projected that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 will significantly enhance the sector’s contribution to the nation’s Gross Domestic Product (GDP).
The legislation, signed into law by President Bola Tinubu in July 2025, is designed to deepen insurance penetration, strengthen operators’ financial capacity, and rebuild public confidence in the industry.
Speaking at a panel session during the 10th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, described the Act as a game-changer for the economy.
Represented by Dr. Tamis Usman, Director of Legal, Enforcement, and Market Development at NAICOM, Omosehin noted that the NIIRA would drive economic growth, job creation, and improve local retention capacity in the industry.
“One of the key things is the repositioning of the sector in terms of financial muscle,” Usman explained. “It has now introduced two tiers of capital. The first is the minimum capital requirement—₦10 billion for life insurance, ₦15 billion for non-life, and ₦35 billion for reinsurance.”
The reform, according to industry stakeholders, is expected to transform the Nigerian insurance landscape, making it more competitive and investor-friendly.