NCRIB Leaders Discuss NIRA 2025's Impact on Insurance

Stakeholders in Nigeria's insurance industry expressed optimism regarding the Nigerian Insurance Reform Act (NIRA) 2025, which is expected to transform the sector by restoring public confidence, improving claims settlement, and expanding insurance penetration. During a monthly gathering of the Abuja Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB), they discussed the Act's potential to strengthen insurance companies through recapitalisation, promote digitalisation, attract investment, and establish a more effective regulatory framework.

Ojo Babajide Richard, Chairman of the NCRIB Abuja Area Committee, noted that the industry is moving beyond the perception that insurance is only for the wealthy, highlighting microinsurance products that allow low-income earners to access coverage with premiums as low as N25, N50, or N100. Mazi Chijoke Wanfo, Treasurer of the NCRIB, emphasized that NIRA 2025 would address the trust deficit between insurance companies and the public, enhancing the financial capacity of insurers to meet claims obligations.