We’ll drive full implementation of NIRRA Act — NIA

The Nigerian Insurers Association (NIA) yesterday welcomed the presidential assent to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing it as a pivotal legislation that sets the stage for transformative progress across the insurance ecosystem and the broader financial services landscape. The Chairman of NIA, Kunle Ahmed said the act represents a bold step […]

The Nigerian Insurers Association (NIA) yesterday welcomed the presidential assent to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing it as a pivotal legislation that sets the stage for transformative progress across the insurance ecosystem and the broader financial services landscape.

The Chairman of NIA, Kunle Ahmed said the act represents a bold step toward strengthening the regulatory framework, enhancing public trust, improving market penetration, and modernizing operations within the industry.

“It reflects the Federal Government’s commitment to deepening financial inclusion and ensuring that insurance becomes a robust pillar in Nigeria’s economic architecture and in line with the president’s vision for achieving a $1 trillion economy by 2030,” Ahmed said.

He pledged the association’s readiness to support the full implementation of the law.

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“As a leading voice of the industry, the Nigerian Insurers Association pledges its full support toward the successful implementation of the NIRRA Act. 

“We are dedicated to facilitating sector-wide understanding and adoption of the Act’s provisions, engaging our member companies and stakeholders through capacity-building, advocacy, and technical support, partnering with regulators to ensure seamless execution and compliance and promoting innovation and inclusion, in line with the goals of the legislation.,” he said.

He added that NIA stands ready to champion a more resilient and customer-centric insurance sector that contributes meaningfully to national development.