CCRIA Calls for Transparency in Nigeria's Insurance Reforms

The Centre for Credible Reforms and Institutional Accountability (CCRIA) called on the National Insurance Commission (NAICOM) to prioritize transparency and consistent enforcement in the implementation of the Nigerian Insurance Reform Act (NIIRA) 2025. Dr Aminu Abubakar Aminu, president of CCRIA, assessed the insurance sector's state since the legislation's enactment, highlighting its focus on stronger capital requirements and enhanced policyholder protection.

He noted that while the ongoing recapitalization exercise is crucial for improving insurers' financial strength, it must be accompanied by robust regulatory oversight. Aminu stated that early signs under NIIRA are promising but stressed the importance of maintaining reform momentum.

He urged NAICOM to provide clear guidance to industry stakeholders and emphasized that insurance penetration relies on public trust in insurers' ability to meet their obligations. CCRIA also recognized the efforts of President Tinubu and called for both regulators and industry operators to ensure that reforms lead to tangible improvements for policyholders.