Tinubu Signs Insurance Reform Bill into Law, Targets Stronger Financial Sector

President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law to strengthen the financial sector.

The new law replaces old insurance regulations with a modern framework for all insurance and reinsurance businesses in Nigeria.

It introduces strict capital requirements, makes key insurance policies compulsory, and ensures faster claims settlement.

The law also supports the digitisation of insurance services and protects policyholders in cases of insolvency.

The National Insurance Commission, NAICOM, will implement the reforms, which aim to boost investments and make Nigeria a leading insurance hub in Africa.