NIA banks on reform enforcement to deepen market penetration

By : Bankole Orimisan

Date: 14 January 2026 3:54am WAT

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Nigerian Insurers Association

Nigerian Insurers Association

The Nigerian Insurers Association (NIA) said the insurance industry would enter a decisive phase this year, as operators move to enforce recent reforms and convert policy gains into stronger governance, improved public trust and expanded market penetration.

The association, which reviewed developments in the sector in 2025, said the year laid the institutional and regulatory groundwork required for the effective implementation of the Nigeria Insurance Industry Reform Act (NIIRA) and the anticipated recapitalisation.

According to the NIA, sustained engagement with regulators, renewed advocacy on compulsory insurance enforcement and the launch of the NIA Innovation Lab were among initiatives deployed to strengthen industry capacity and responsiveness.

It also expanded collaboration with public institutions, including the National Assembly and the Economic and Financial Crimes Commission (EFCC), to address compliance gaps and promote a more disciplined market, it said.

In a new year message to chief executives of insurance companies, the NIA Chairman, Kunle Ahmed, said the industry’s resilience in 2025 created a platform for deeper reforms. He noted that the association intensified media engagement to improve public understanding of insurance, while scaling up capacity-building programmes to equip professionals for emerging risks and heightened regulatory expectations.

Ahmed also highlighted the commencement of work on a Nigerian Mortality Rate Table, supported by the Africa Re Foundation, describing it as a critical tool that would enhance actuarial accuracy and long-term sustainability in the life insurance segment. Looking ahead, he said the association would focus on supporting the implementation of the new law through advocacy, technical guidance and capacity-building, while setting up a recapitalisation help desk to assist member companies during the transition.

The National Insurance Commission (NAICOM) said it expected operators to demonstrate stronger compliance and financial resilience under the new legal framework.

According to the commission, the reforms were designed to “restore confidence, policyholders and ensure that only well-capitalised and well-governed insurers operate in the market”.

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