The President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, has said the insurance sector is set for unprecedented transformation following the signing of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Ilori made the remark at the 2025 Insurance Professionals Forum held in Abeokuta, Ogun State, where she described the law as a landmark step for the industry.
Signed into law by President Bola Tinubu in July, NIIRA 2025 introduces sweeping measures aimed at strengthening and modernising Nigeria’s insurance landscape. Among its provisions are:
- Stringent capital requirements to ensure the financial soundness of operators.
- Enforcement of compulsory insurance policies to enhance consumer protection.
- Digitisation of the insurance market to improve access and efficiency.
- Zero tolerance for delays in claims settlement.
- Creation of dedicated policyholder protection funds, especially in cases of insolvency.
- Expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.
Speaking at the forum, Ilori noted that the reforms had been long anticipated and achieved through collaboration between operators, regulators, and lawmakers.
“So, everybody was prepared. It’s like it’s long expected. We expect to see an unprecedented transformation that will help in realising the vision, even of the President of the country; that is the $1 trillion transformation,” she said.
