By Taiye Olayemi

Mr Moruf Apampa, Chief Executive Officer of NSIA Insurance, has described the Nigerian Insurance Industry Reform Act (NIIRA 2025) as signed by President Bola Tinubu as transformative.

Speaking with the News Agency of Nigeria (NAN) on Thursday, Apampa expressed confidence in the Act, saying it would reposition the insurance sector for sustainable growth.

He said the Act would enhance consumer protection by providing a Policyholder Protection Fund and setting strict timelines for claims settlement, with penalties for undue delays.

Apampa noted that the law would attract local and foreign investments by creating a more stable, transparent and trustworthy regulatory environment for operators and investors.

According to him, digitalisation would also be scaled up, as the Act encouraged adoption of technology across the insurance value chain, from licensing to claims processing.

He said this would further boost efficiency and accessibility for policyholders.

“The Act is a welcome development for an industry long plagued by low trust, poor awareness and weak uptake, with insurance penetration at only 0.4 per cent of GDP.

“This new law will also strengthen financial stability by raising minimum capital requirements for insurance and reinsurance firms, creating a more resilient and solvent industry,” he said.

Apampa described NIIRA 2025 as a long-awaited step towards a forward-looking, service-driven industry aligned with global best practices.

He emphasised that its success would rely on strict enforcement, the capacity of the National Insurance Commission (NAICOM), and the adaptability of market operators. (NAN) (www.nannews.ng)