Nigerian President Bola Tinubu has enacted a sweeping reform of the insurance sector as part of the Insurance Industry Reform Act (NIIRA) 2025 (NIIRA) 2025, his spokesperson announced on Tuesday.

The Nigerian Insurance Sector Reform Act 2025 (NIIRA) repeals and consolidates several outdated insurance laws into a single, modern legal framework. The new law provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating in Nigeria

This development reaffirms the administration's commitment to financial stability, economic development, and inclusive growth.

The 2025 NIIRA Act ushers in a new era of transparency, innovation, and global competitiveness for the insurance industry. It is part of the federal government's vision of achieving a $1 trillion economy.

As part of the “Renewed Hope” program for the insurance industry, the law introduces key measures such as:

1. Strict capital requirements to ensure the financial strength of operators;

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2. Enforcement of mandatory insurance policies to strengthen consumer protection;

3. Digitization of the insurance market to improve access and efficiency;

4. Zero tolerance for delays in settling claims

5. Creation of funds dedicated to the protection of insured persons, in particular in the event of insolvency;

6. Expanded participation in regional insurance schemes, including the ECOWAS brown card system