The President of the Chartered Insurance Institute of Nigeria, Mrs. Yetunde Ilori, says the insurance industry is set for unprecedented transformation following the signing of the Nigerian Insurance Industry Reform Act.
Ilori made this observation on the sidelines of the 2025 Insurance Professionals Forum, which was held in Abeokuta, Ogun State.
NIIRA 2025 was signed into law by President Bola Tinubu in July.
It introduced critical measures such as 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, and expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.
Speaking at the annual forum, Ilori said, “There was collaboration between the operators, the supervisor and the legislative arm of the end of the country. So, everybody was prepared. It’s like it’s long expected. So, we expect to see an unprecedented transformation that will help in realising the vision, even of the President of the country; that is the $1tn transformation.”
The Commissioner for Insurance, National Insurance Commission, Olusegun Omosehin, said, “We are excited about the opportunities that it presents, and we are also happy for Nigerians. Nigerians can rest assured that if they have the opportunity of taking up an insurance policy, they can never fall to the ground, because there are protection mechanisms that have been built into the law.”
The Governor of Ogun State, Dapo Abiodun, who was represented by the Secretary to the State Government, Tokunbo Talabi, charged the industry players with professionalism, saying, “What I want to see is an insurance industry that towers above any other industry, and you cannot cut his leg, cut his hand, cut his toe and then say that this is going to be the big boy.”
