Insurers association commits to support enforcement of industry reform Act

The Nigerian Insurers Association (NIA) has pledged its support for the successful implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

In a statement on Wednesday, Kunle Ahmed, the NIA chairman, commended President Bola Tinubu for signing the bill.

He described the legislation as a pivotal milestone that would drive transformative progress in the insurance ecosystem and the broader financial services sector.

Ahmed said the Act strengthens the industry’s regulatory framework, enhances public trust, improves market penetration, and modernises operations.

“It reflects the commitment of the federal government to deepening financial inclusion,” the chairman said.

“It also ensures that insurance becomes a robust pillar in Nigeria’s economic architecture and in line with the president’s vision for achieving a $1 trillion economy by 2030.

“The association extends heartfelt gratitude to all stakeholders whose tireless efforts shaped the development and successful passage of the Act.

“The national assembly, for their deliberations and legislative stewardship, the National Insurance Commission (NAICOM), for regulatory guidance and technical expertise, and other key government agencies.

“Our esteemed member companies, whose feedback and vision have been invaluable and the civil society advocates, academia, and policy experts who contributed insight and integrity throughout the reform process.

“Your collaborative spirit and unwavering commitment to the future of insurance in Nigeria have made this achievement possible.”

Ahmed pledged the association’s full support for the successful implementation of the Act.

He added that the NIA would ensure sector-wide understanding and adoption of its provisions through capacity building, advocacy, and technical support.

The NIA chairman said the association would continue to partner with regulators to ensure seamless execution and compliance, while promoting innovation and inclusion in line with the goals of the legislation.

“This is not just a legislative victory; it is a shared mission,” he said.

“NIA stands ready to champion a more resilient and customer-centric insurance sector that contributes meaningfully to national development.”

On August 5, Tinubu signed the Nigerian insurance industry reform bill 2025 into law to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.

The following day, insurance stocks on the Nigerian Exchange Limited (NGX) surged by 10 percent.