Tinubu Enacts Sweeping Insurance Reforms With New Industry Act
19:03 06.08.2025 (Updated: 19:04 06.08.2025)
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Tinubu Enacts Sweeping Insurance Reforms With New Industry Act
The new law modernizes regulations by:
🟠updating old legislation,
🟠raising capital requirements,
🟠mandating coverage,
🟠setting digitization targets.
The reforms come despite Nigeria's historically low insurance penetration rate of under 1%. The sector shows strong growth potential, with gross premiums hitting $1.9 billion in 2023 and projections reaching $7.84 billion by year-end. This rapid expansion is attracting significant interest from global insurers looking to enter the Nigerian market.
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