NAICOM urged to prioritise insurance sector reforms implementation

A public affairs analyst and accountability advocate, Aminu Abubakar Aminu, has urged the National Insurance Commission, NAICOM, to remain focused on the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

He made this disclosure in a statement on Sunday.

According to him, NIIRA has ushered in a new phase of development for the country’s insurance sector.

He described the legislation as a major step towards addressing longstanding challenges in the insurance industry.

“The enactment of the Nigerian Insurance Industry Reform Act is a significant milestone in the development of Nigeria’s insurance sector. NIIRA provides the foundation for an insurance sector that is better capitalised, more accountable, more responsive to policyholders and better equipped to contribute meaningfully to the Nigerian economy,” he said.

“The early developments under NIIRA demonstrate that the reform is not merely a legislative exercise but a process capable of producing measurable improvements in the industry. Stronger capital requirements, improved supervision and greater attention to policyholder protection will ultimately create an insurance market that Nigerians can trust.

“We encourage NAICOM to remain focused on the implementation of the Act and to continue providing clear guidance to operators and other stakeholders,” he said.

This comes as NAICOM withdrew the licences of NICON Insurance, Nigerian Reinsurance, Universal Insurance and other firms which failed to meet the minimum recapitalisation requirements in line with NIIRA 2025.