The Chartered Insurance Institute of Nigeria (CIIN) has described the newly signed National Insurance Industry Reform Act 2025 (NIIRA 2025) as a milestone that will promote equity and strengthen Nigeria’s insurance sector.
Speaking to the News Agency of Nigeria (NAN) on Sunday, CIIN National President Mrs. Yetunde Ilori said the Act—signed into law by President Bola Tinubu last Tuesday—was designed to enhance capital generation, improve operators’ capacity to meet obligations, and balance the interests of all stakeholders.
Ilori dismissed suggestions that the law favours policyholders over operators, noting that it was carefully crafted to serve both parties equally. “To have a replacement of a law after 22 years is good news. The entire industry participated in shaping its content, which demonstrates effective collaboration between the Senate and the House of Representatives,” she said.
She added that NIIRA 2025 will help consolidate and strengthen existing companies, ensuring more capital is generated and effectively deployed to boost the industry’s resilience and service delivery.
The CIIN president commended President Tinubu for assenting to the bill, describing it as a crucial step in modernising Nigeria’s insurance framework and positioning the sector for sustainable growth.
