Nigeria’s President Bola Tinubu signed into law sweeping reforms to the insurance sector under the Insurance Industry Reform Act (NIIRA) 2025, his spokesperson said on Tuesday.<\/p>\n
The new law consolidates decades-old legislation, introducing higher capital requirements, compulsory coverage mandates, and digitisation targets to modernise the sector.<\/p>\n
Nigeria\u2019s insurance penetration of less than 1% is among the lowest in Africa, far behind South Africa\u2019s 13.7% and Kenya\u2019s 2.14%, according to regulator data. Despite this, Gross Premium Written reached $1.9 billion by the end of 2023 and is projected to hit $7.84 billion by year-end, attracting global insurers like Sanlam and Allianz betting on long-term growth.<\/p>\n
BY THE NUMBERS<\/strong><\/p>\n The NIIRA Act mandates insurers to maintain minimum capital levels based on their risk profile:<\/p>\n Non-life insurers: 25 billion naira ($16.39 million)<\/p>\n Life insurers: 15 billion naira ($9.83 million)<\/p>\n Reinsurers: 45 billion naira ($29.49 million)<\/p>\n Firms failing to meet these thresholds could face mergers or acquisitions.<\/p>\n “The NIIRA Act 2025 ushers in a new era of transparency, innovation, and global competitiveness for the insurance industry. It aligns with the Federal Government’s vision of achieving a $1 trillion economy,” Bayo Onanuga, spokesperson for President Tinubu, said.<\/p>\n","protected":false},"excerpt":{"rendered":" Nigeria’s President Bola Tinubu signed into law sweeping reforms to the insurance sector under the Insurance Industry Reform Act (NIIRA) 2025, his spokesperson said on Tuesday. The new law consolidates decades-old legislation, introducing higher capital requirements, compulsory coverage mandates, and digitisation targets to modernise the sector. Nigeria\u2019s insurance penetration of less than 1% is among […]<\/p>\n","protected":false},"author":1,"featured_media":17227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":2,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,2362,34,27],"tags":[196,4260,175],"class_list":["post-17226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured","category-society","category-west-africa","tag-bola-tinubu","tag-insurance-industry-reform-act-niira","tag-nigeria"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/17226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=17226"}],"version-history":[{"count":0,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/17226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/17227"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=17226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=17226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=17226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}