Policy Brief: Nigerian Insurance Industry Reform Act, 2025 (NIIRA 2025)
INTRODUCTION On 5 August 2025, the President of Nigeria signed into law the Nigerian Insurance Industry Reform Act, 2025 (NIIRA 2025). This landmark legislation repeals the Insurance Act, 2003, and consolidates related provisions, ushering in a modern regulatory framework designed to strengthen financial resilience, improve market conduct, enhance governance, and protect policyholders. It aligns Nigeria’s […]
Underwriting Risk Commitments and Registration Requirements
Underwriting has its origins in the insurance industry, where it entailed assuming risks connected to potential losses. The term underwriting is believed to have been initially associated with Lloyd’s of London, the leading insurer at that time. During the early days of maritime expansion, Lloyd’s would accept premiums in exchange for taking on risks such […]
