NAICOM urged to prioritise insurance sector reforms implementation

Aminu Abubakar Aminu, a public affairs analyst and accountability advocate, has called upon the National Insurance Commission (NAICOM) to prioritize the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. In a statement released on Sunday, Aminu highlighted that NIIRA marks a significant advancement in the country's insurance sector development.

He characterized the law as a crucial step towards resolving long-standing issues plaguing the industry. Aminu emphasized that NIIRA lays the groundwork for a more capital-rich, accountable, responsive, and financially robust insurance sector, capable of making a substantial contribution to Nigeria's economy. He further noted that early implementations of NIIRA indicate that the reform is not solely a legislative process but one that can yield tangible improvements.

Aminu urged NAICOM to maintain its focus on NIIRA's execution, offering clear guidance to industry players and stakeholders. This recommendation comes in the wake of NAICOM's recent decision to revoke the licenses of NICON Insurance, Nigerian Reinsurance, Universal Insurance, and other entities that failed to meet the minimum capitalization requirements set forth by NIIRA 2025.