Industry experts have projected that the Nigerian Insurance Industry Reform Act 2025 will enhance the insurance sector’s contributions to the nation’s Gross Domestic Product.
The Act, which was signed into law by President Bola Tinubu in July 2025, is new legislation designed to deepen insurance penetration, strengthen operators’ financial capacity, and restore public confidence in the industry.
The experts shared their thoughts during a panel discussion at the 10th annual conference of the Nigerian Association of Insurance and Pension Editors held in Lagos recently.
Commissioner for Insurance/Chief Executive Officer, National Insurance Commission, Olusegun Omosehin, said that the NIIRA will lead to economic growth, employment generation, and more local retention capacity.
Omosehin was represented by the Director of Legal, Enforcement, and Market Development, NAICOM, Tamis Usman, who said, “One of the key things is the repositioning of the sector in terms of the financial muscle. It has now introduced two tiers of capital. The first is the minimum capital requirement. Now the minimum capital has been shored up to N10bn for life, N15bn for non-life, and N35bn for reinsurance.”
