With the signing of the Nigerian Insurance Industry Reform Act (NIIRA) into law by President Bola Ahmed Tinubu, Nigerians have expressed hope that a new era of prompt claims settlement is finally within reach.
Across social media platforms, particularly X (formerly Twitter), Nigerians yesterday began sharing their experiences and expectations in response to the landmark development.
“Had to wait over five months for my car insurance claim after an accident last year,” @Chinelo wrote, adding: “If this new law enforces settlement deadlines, it could change everything for people like me.”
For many, the pain of deadlines with slow or unresponsive insurers has long been a barrier to trusting or even considering insurance products. But the reform law, which mandates strict timelines for claims processing and strengthens regulatory oversight through the National Insurance Commission (NAICOM), is being seen as a critical turning point.
“It’s not just about insurance anymore,” posted @AdeolaBroker, an insurance intermediary based in Lagos.
He wrote: “This is about restoring trust and encouraging wider adoption. If people believe claims will be paid quickly and fairly, the entire industry benefits.”
The Act introduces clear consumer protection measures, including compulsory claims settlement periods, digital claims tracking, and stiffer penalties for underwriting firms that fail to comply. It also aims to expand insurance coverage, particularly among informal workers, and strengthen enforcement of compulsory policies like motor third-party insurance.
The provisions have sparked hope among users who have felt ignored by insurance companies in the past. “My dad’s life insurance claim took forever,” said @Obinna.
“He passed in 2021, and we got the payout almost a year later. If this law helps families like mine avoid that stress, it’s a big win,” he added.
Also, the Nigerian Insurers Association (NIA) has commended President Bola Tinubu for assenting to the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Its Chairman, Mr Kunle Ahmed, in a statement yesterday, described (NIIRA) 2025 as a pivotal legislation that would set the stage for transformative progress across the insurance ecosystem and the broader financial services landscape.
Ahmed noted that the Act signalled a bold step toward strengthening the insurance industry’s regulatory framework, enhancing public trust, improving market penetration, and modernising operations.
“It reflects the commitment of the Federal Government to deepening financial inclusion. It also ensures that insurance becomes a robust pillar in Nigeria’s economic architecture, and it is in line with the President’s vision for achieving a $1 trillion economy by 2030.
