New Insurance Reform Law Is For All, Not Just Industry Professionals-Insurance Brokers Tell Nigerians

The Nigerian Council of Registered Insurance Brokers, NCRIB, and Leadway Assurance Limited have urged Nigerians to embrace insurance as it is not only insurance industry professionals.

The call was made during a stakeholders' engagement held in Abuja.

Describing insurance as a vital tool for financial protection and economic growth under the newly introduced insurance reform law, head of Commercial, Leadway, Wale Alao, noted that the initiative is part of efforts to strengthen collaboration with brokers while increasing awareness of the NIRA Act, passed in 2025.

During the engagement themed, "Navigating the New NIIRA: A Partnership Briefing,” Alao pointed out that the engagement provided an avenue to interact directly with brokers, appreciate their contributions to business growth, and enlighten them on the implications of the new law. 

“We regularly engage our brokers, whether by visiting their offices or hosting sessions like this. However, it’s not often we have the chance to bring them together in one place. Today’s meeting in Abuja is to appreciate their patronage and also educate them on the new insurance reform law,” he said.

He explained that the NIRA Act is aimed at transforming the insurance sector by introducing more competitive and inclusive policies, making insurance more accessible and beneficial to Nigerians.

According to him, the reform is already driving increased awareness and expanding coverage across the country, helping to reposition insurance as an essential part of everyday life and business operations.

“The law ensures greater protection for individuals and businesses. With proper insurance coverage, people can safeguard their assets and recover quickly from unforeseen losses,”

Alao added. He urged Nigerians to take insurance more seriously, describing it as a critical financial instrument that enhances investment confidence and supports economic development.

“When people know their businesses and properties are protected, they are more confident to invest, grow, and create opportunities. Insurance is a win-win for everyone,” he said.

Alao also called on the government to prioritise effective implementation of the reform, stressing that enforcement remains crucial to achieving its intended objectives.

“It is one thing to pass a law, but implementation is what truly matters. We commend the government for this reform and look forward to its full execution,” he stated.

Also speaking, Ojo Babaji Richard, Chairman of the Abuja Area Committee of the Nigerian Council of Registered Insurance Brokers, highlighted the importance of the law and its ongoing enforcement.

He stated that since its passage in August 2025, the Act has begun reshaping industry practices, particularly in compliance and documentation requirements.

“The law is fully in force. It requires proper identification such as National Identification Numbers for individuals and corporate documentation for organisations before policies are issued. This ensures transparency and accountability across the industry,” he said.

Richard further explained that the reform introduces stricter compliance measures, including mandatory insurance for certain categories such as buildings above four storeys, with penalties for non-compliance.

He stressed that the Act affects all Nigerians, not just industry professionals, as it directly impacts how individuals and businesses secure their assets.

“This is a comprehensive law that defines responsibilities, enforcement strategies, and penalties. It is important for every Nigerian to understand its provisions,” he said.

He added that effective enforcement of the law would significantly boost Nigeria’s economic development, noting that insurance plays a critical role in advanced economies.

“Insurance is not just for large corporations—it is for individuals, families, and small businesses. If properly implemented, it can become a major driver of economic growth in Nigeria,” he concluded.

The engagement forms part of ongoing efforts within the industry to deepen insurance penetration, enhance public awareness, and ensure compliance with evolving regulatory standards.