NAICOM and OPSN Sign Agreement for NIIRA 2025 Implementation

The National Insurance Commission (NAICOM) signed an agreement with the Organised Private Sector of Nigeria (OPSN) to implement the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. This agreement was formalized during a recent visit by OPSN representatives to NAICOM, led by Dr.

Alban Igw, Chairman of the OPSN Insurance Tech Committee. The initiative follows a month of stakeholder consultations across the maritime and petroleum sectors, including discussions with freight forwarders and transport associations.

The agreement aims to operationalize insurance products that address longstanding gaps in risk transfer within these sectors. Dr.

Igw emphasized a multi-stakeholder, private sector-led effort, coordinating with two federal ministries: the Ministry of Petroleum and the Blue Economy. NAICOM welcomed this initiative and committed to collaborating with stakeholders to implement NIIRA 2025, focusing on developing a framework for determining premiums and compulsory insurance products, ensuring consumer protection remains a priority.