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The Nigerian insurance landscape has entered a transformative phase with the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. Signed into law on 5 August 2025, the Act replaces previous insurance regulations and introduces a modern framework focused on financial strength, consumer protection, and operational discipline. Stronger Capital Base and Industry Structure One of the most significant changes …
The Federal Government of Nigeria has announced an increase in motor insurance tariff. In a circular issued by the National Insurance Commission (NAICOM) on 22nd December 2022 and signed by its Director of Policy & Regulation, Dr Leonard Akah, the Commission stated that “pursuant to the exercise of its function of approving rates of insurance premium under section 7 of …