Tinubu Signs Insurance Reform Bill into Law

By Diafa Doubra

President Bola Ahmed Tinubu has signed the Insurance Industry Reform Bill 2025 into law, marking a significant milestone in Nigeria’s financial services sector.

The new law introduces wide ranging reforms aimed at strengthening regulation, increasing consumer protection, and boosting investor confidence in the industry. Among the key changes are stricter capital requirements for insurers, streamlined claims processing procedures, and improved oversight by the National Insurance Commission (NAICOM).

In a statement released by the presidency, Tinubu described the bill as a bold step towards creating a more resilient and transparent insurance industry that supports economic growth and protects Nigerians.

Industry experts have praised the development, noting that the reforms could attract fresh foreign investment and deepen insurance penetration in a country where coverage remains below 3% of the population.

The bill also aligns with Tinubu’s broader economic agenda, which includes strengthening financial institutions and increasing accountability across all sectors. With the new law in place, stakeholders expect a more efficient and trustworthy insurance landscape in the years ahead.