{
  "id": 3210340,
  "title": "Heralding More Reinvigorated Nigerian Insurance Sector",
  "url": "https://urgent.news/2026/08/25/heralding-more-reinvigorated-nigerian-insurance-sector",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-25T07:02:51.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/08/25/heralding-more-reinvigorated-nigerian-insurance-sector/"
  },
  "original_language": "en",
  "account": "The Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Muhammadu Buhari on July 31, 2025, is ushering in a reinvigorated insurance sector in Nigeria. The Act mandates the recapitalisation of insurance and reinsurance companies, setting minimum capital requirements based on risk, life, or general business operations. Non-compliant companies face license cancellation if they fail to meet the requirements within a year of the Act's implementation.\n\nNAICOM, the National Insurance Commission, has successfully cancelled the licences of companies not meeting the recapitalisation standards. This has led to a list of 50 sound insurance and reinsurance companies, 48 insurance and 2 reinsurance, available for consumers. The Nigerian Council of Registered Insurance Brokers (NCRIB) lauds NAICOM for its responsible approach to the reform, highlighting the Act's consumer-centric provisions.\n\nThe Act mandates insurance brokers to carry a Professional Indemnity Insurance of at least N100 million or 50% of their previous year's income. NAICOM has ensured adherence to this provision. Additionally, the Insurance Policyholders' Protection Fund, financed by 0.25% of gross premium income and 0.25% of the Security and Insurance Development Fund, is established to handle unpaid claims in case of insolvency or license cancellation.\n\nA Road Accident Victims Compensation Fund was also created, with 0.5% of motor insurance underwriting profits allocated to it. The Road Accident Victims Compensation Committee, including representatives of insurance intermediaries, will oversee the fund's use for compensating victims of uninsured vehicle accidents.",
  "summary": "By Ekeoma Ezeibe Section 15(1) of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law by the President of the Federal Republic of Nigeria on 31st",
  "key_points": [
    "Nigerian Insurance Industry Reform Act (NIIRA) 2025 signed into law on July 31, 2025",
    "NAICOM cancels licenses of non-compliant insurance and reinsurance companies",
    "Insurance Policyholders' Protection Fund established to handle unpaid claims"
  ],
  "editors_take": "The new insurance reform Act strengthens consumer protection, boosts industry standards, and enhances financial stability, ultimately benefiting policyholders and reinforcing trust in Nigeria's insurance sector.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}