6 things NIIRA won’t do for insurance industry

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Chuks Udo Okonta

The enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 has brought great delights to insurance practitioners and stakeholders, even as it is expected to reposition and transform the sector.

Whilst the Act remains a great piece of legislation, it has limitations as it can’t do these six things for the insurance industry.

*Change insurance perception

The NIIRA won’t change public perception on insurance, but the regulators’ and practitioners attitude and actions would make the public believe and embrace insurance practice.

*Increase insurance education and awareness

The NIIRA as a law cannot increase insurance education and awareness, but robust and articulated collaboration amongst all stakeholders will broaden insurance knowledge.

*Deepen insurance penetration

Deepening insurance penetration would not be through the NIIRA, but from commitments, innovations, trustworthiness and ethical behaviours.

*Drive insurance sales

The NIIRA won’t change the concept of insurance been sold and not bought presently in the country, but faithfulness to claims payments, corporate social responsibility; innovations, coordinated public education and awareness will drive sales.

*Stem unethical practices

Laws don’t stem unethical practices, but enforcement do. To stem unethical practices, rebirth; self registration, regulatory oversights and sanctions must be fully enforced.

*Rich cousin of banks

As the insurance sector is considered as the poor cousin of the bank, the NIIRA won’t make the sector an overnight rich cousin, but commitment to stipulated rules; robust regulations; innovations; collaborations, trustworthiness and more would place the sector where it ought to be.