The Nigerian Insurance Industry Reform Act, 2025 (“NIIRA 2025”) replaces the Insurance Act of 2003 and introduces the most material changes to insurance regulation Nigeria has seen in a generation.
What it changes for you
- Faster claims. Insurers face stricter SLAs on claims settlement, with regulatory teeth behind them.
- Stronger consumer protection. Mis-selling penalties have been increased, and consumer-facing disclosures must be clearer.
- Digital-first distribution. The new Partnering Insurtech category — under which InsureOnGo is licensed — explicitly allows technology-led distribution alongside traditional brokers and agents.
- Higher capital requirements. Most insurers will recapitalise. Some will consolidate. The end state is fewer, stronger underwriters.
What it means for InsureOnGo
The framework formalises everything we already do: digital distribution, transparent comparison, technology-led claims handling. It's a regulator betting on the future of the industry — and we couldn't be more aligned.