Nigeria: Insurance Laws and Products

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.

This article highlights some key reforms introduced by the Nigeria Insurance Industry Reform Act 2025 (NIIRA 2025), which has repealed the Insurance Act 2003 (IA 2023). It is the second in the series of articles exclusively focused on NIIRA 2025.

A vessel may load crude in Port Harcourt, discharge containers in Mumbai, or bunker in Mombasa. Yet when a collision, oil spill, or injury claim arises, the decision on liability is often made in London.