NIIRA 2025: Can Insurance Reform Build Trust Without Burdening Operators?
Nigeria’s insurance sector needs stronger capital, faster claims settlement, wider compulsory coverage and digital tools that make policies easier to buy and manage. The Nigerian Insurance Industry Reform Act 2025 could improve consumer protection and help rebuild trust in a sector many Nigerians still view with scepticism. However, reform must not become an additional burden for insurers and brokers. Operators already face overlapping reporting, registration and compliance demands from several government agencies. A unified, technology-driven compliance framework could reduce duplication, lower costs and allow firms to focus more on customers. The “No Premium, No Cover” rule remains important for insurers’ financial stability. But government institutions must also pay outstanding premiums promptly if they expect private businesses to comply fully. NIIRA 2025 will succeed only if enforcement is fair, regulation is balanced and government leads by example.
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