KBL Insurance Limited has reiterated its commitment to expanding compulsory insurance coverage in Nigeria, following President Bola Ahmed Tinubu’s assent to the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
The landmark law, regarded as a cornerstone of the Federal Government’s Renewed Hope Agenda, is expected to modernize the industry and accelerate Nigeria’s drive toward a $1 trillion economy.
NIIRA 2025 replaces outdated regulations with a unified framework that introduces sweeping reforms aimed at boosting transparency, improving capital adequacy, and strengthening policyholder protection.
The Act also prioritizes faster claims settlement, greater digital penetration, and the establishment of policyholder protection funds to secure customers in the event of insurer insolvency.
The National Insurance Commission (NAICOM) will oversee implementation, ensuring compliance and positioning the insurance industry as a catalyst for economic growth.
Speaking on the development, Lawal Mijinyawa, Managing Director and Chief Executive Officer of KBL Insurance, said:
“At KBL Insurance Limited, we view compulsory insurance not only as a legal requirement but as an essential safeguard for individuals, families, and businesses. NIIRA 2025 provides us with a solid foundation to advance our mission of delivering reliable insurance protection to every home and enterprise in Nigeria.”
Aligned with the Act’s objectives, KBL Insurance is investing in technology-driven solutions to make compulsory insurance more affordable and accessible.
The company is also strengthening public sensitisation initiatives, working closely with regulators, and engaging communities to deepen awareness of the benefits of insurance in promoting financial resilience and national stability.
Mr. Mijinyawa added: “The passage of NIIRA 2025 is a turning point for the Nigerian insurance sector. As a leading general insurance provider, KBL is proud to be part of this transformative journey and remains steadfast in driving growth through innovation, professionalism, and service excellence.”
