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Nigeria’s insurance sector has been considered underdeveloped relative to the size of the economy. Persistent issues such as low penetration, weak public confidence and undercapitalisation have hindered its ability to deliver effective financial intermediation and risk protection. Previous reform attempts, ranging from revised capital thresholds to piecemeal legislative updates, sought to address these challenges but stopped short of achieving a comprehensive transformation.
19 September 25
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In a decisive effort to modernise the sector, the National Assembly enacted the Nigerian Insurance Industry Reform Act, 2025 (the NIIRA 2025 or the Act). The Act repeals and consolidates the Insurance Act 2004, the Marine Insurance Act 2004, the Motor Vehicles (Third Party Insurance) Act 2004, the National Insurance Corporation of Nigeria Act 2004, and the Nigeria Reinsurance Corporation Act 2004 into a single, unified statute. By doing so, the NIIRA 2025 seeks to overhaul the regulatory landscape, strengthen policyholder protection, enhance financial stability, and drive the growth and development of the insurance industry in Nigeria.
This note highlights the key provisions of the Act and their implications for insurers, reinsurers, intermediaries, and other stakeholders.
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Should you have any questions regarding the information in this legal alert, please do not hesitate to contact Ayodeji Oyetunde.