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Nigeria’s insurance industry is going through one of its biggest shifts. With the introduction of the Nigerian Insurance Industry Reform Act (NIIRA), the rules guiding insurers, businesses, and policyholders have been updated to reflect today’s realities. The goal is simple: boost trust, strengthen operators, protect customers, and encourage innovation.
This is timely.
Insurance penetration in Nigeria remains low, hovering below 1%. Many people either don’t understand insurance or don’t trust the system well enough to engage. This Act is designed to change that narrative by giving clearer guidelines on how insurance should work and what customers should expect.
To help the public make sense of these changes, Coronation Insurance Plc hosted an informative webinar titled “The Nigerian Insurance Industry Reform Act: Insight, Benefits & Opportunities.” The session broke down the Act in plain language and highlighted what it means for individuals, business owners, and investors.
The keynote presentation was delivered by Soji Oni, Controller Technical at the Nigerian Insurers Association (NIA). He explained how the Act strengthens the industry through stricter capital requirements, better governance, stronger consumer protection, compulsory insurance enforcement, and a push for digital adoption.
According to him, these reforms are expected to boost confidence and improve how customers experience insurance – especially when it comes to claims.
The panel session featured contributions from Opeoluwa Adewuyi, Risk and Compliance Manager at Coronation Insurance Plc, and Chuks Udo Okonta, Publisher of Inspenonline.
Together, they discussed how the Act will influence product innovation, risk management, customer education, and investment opportunities. They also shed light on how insurers and regulators can work together to help Nigerians understand their rights and responsibilities.
A recurring point was trust. For years, trust has been a major barrier to insurance uptake. With NIIRA, customers can expect better transparency, fairer processes, and stronger protection – including safeguards like the Policyholders Protection Fund.
What this really means is that policyholders are better protected. Businesses can access stronger risk tools. Investors get more confidence. And the market becomes more stable and competitive.
As the sector adjusts, Coronation Insurance remains committed to helping customers navigate the new landscape and unlock the opportunities these reforms present.
If you’d like to learn more about the Reform Act, its practical benefits, and how to position yourself or your business for the future, watch the full webinar here.
For more enquiries, email info@coronationinsurance.com.ng or call 02-012275475, 02-012275476.
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