Nigeria: Insurance

When reinsurers withdrew charterers' liability cover for Persian Gulf operations in March 2026 on seventy-two hours' notice, the episode revealed a structural vulnerability in global marine insurance that extends far beyond the immediate crisis. For Nigeria, which lacks domestic marine insurance capacity at every layer of this architecture, the Gulf repricing demonstrates both the cost of dependency on foreign risk capital and an emerging opportunity to build institutional capability...

The Nigerian Insurance Industry Reform Act 2025 has introduced a more stringent framework for claims settlement, with stronger financial and regulatory consequences for unreasonable delay. This thought leadership article examines how NIIRA 2025 affects the proof of insurer misconduct and the remedies available to policyholders, focusing specifically on unreasonable delay in claims settlement and the significant changes from the previous Insurance Act 2003.

Road transportation remains the predominant means of movement for individuals and goods in Nigeria, and one feature that has remained constant in Nigeria's transportation landscape is the steady increase in the number of motor vehicles using public roads. In densely populated commercial centres such as Lagos, thousands of private motorists, commercial transport operators, heavy-duty vehicles, motorcycles, tricycles and pedestrians interact daily within an increasingly congested road network. The inevitable consequence is the frequent occurrence of road traffic accidents resulting in death, bodily injury and substantial property damage.