The Nigerian Insurers Association (NIA) has described 2025 as a transformative year for the insurance sector, marked by groundbreaking initiatives that strengthened market development, improved public trust, and deepened stakeholder collaboration across the industry.
According to the Association, key achievements during the year included the launch of the NIA Innovation Lab, intensified advocacy for compulsory insurance schemes, and sustained engagement with the industry regulator which resulted in improvements to regulatory circulars and policy frameworks.
Additionally, the NIA expanded collaboration with key national institutions such as the National Assembly, the Economic and Financial Crimes Commission (EFCC), and other industry associations, all targeted at fostering a more business-friendly operating environment for insurers.
Industry Commitment and Resilience Recognised
In a New Year message to chief executives of insurance companies, NIA Chairman Kunle Ahmed commended operators for their dedication and resilience throughout the year.
“I deeply appreciate your commitment to clients’ satisfaction, unwavering support, resilience, and collaborative spirit, which defined the remarkable progress of our Association and the Nigerian insurance industry in 2025,” he said.
Ahmed noted that 2025 was especially impactful due to the Association’s rejuvenated media strategy, which amplified the industry’s voice, as well as continuous capacity-building programmes designed to equip professionals for a rapidly evolving marketplace.
Major Milestones and Regulatory Progress
The NIA also highlighted the support of the Africa Re Foundation, which facilitated the development of a Mortality Rate Table for Nigeria—a move anticipated to enhance actuarial accuracy and support growth in the life insurance segment.
Another significant milestone was the signing of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, a landmark legislation expected to strengthen insurance penetration, governance, and long-term sustainability across the sector.
2026 Outlook: Implementation and Growth Strategy
Looking ahead, Ahmed assured that the NIA will prioritise the effective implementation of NIIRA 2025 through coordinated collaboration among insurers, regulators, and other stakeholders. The Association also plans to provide technical support through advocacy, guidance, and capacity-building programmes, including the establishment of a recapitalisation help desk to support member companies during the transition phase.
“With cooperation, transparency, and shared responsibility, I am confident we will consolidate the gains of 2025 and usher in a new era of growth and public trust,” he said.
NIA Pays Tribute to Late Industry Leader
The NIA Chairman also condoled with the insurance community over the passing of the former Managing Director/Chief Executive Officer of STACO Insurance Plc, who died on December 27, 2025. Ahmed described the late Wale Banmore as a distinguished industry leader whose contributions will be long remembered.
