Nigeria: Insurance Laws and Products

The Securities and Exchange Commission (‘SEC’), the National Pension Commission (‘PenCom’), the Nigeria Revenue Service (‘NRS’), the Financial Reporting Council of Nigeria (‘FRCN’), the Nigeria Immigration Service (‘NRS’), the Nigerian Exchange Group (‘NGX’)...

The second quarter of 2026 brought transformative changes to Nigeria's financial services sector as banking recapitalisation concluded and regulators pivoted toward strengthening governance, market integrity...

Nigeria cedes $4-5 billion annually in marine liability insurance premiums to foreign institutions, creating a legally mandated market opportunity with no domestic competitor. Development finance institutions and blended capital structures could establish the country's first Protection and Indemnity club, capturing a revenue stream that currently flows entirely offshore while building critical local capacity in underwriting, claims management, and maritime risk assessment.

In global shipping, power is often measured in fleets, ports, and cargo volume.

Commercial transactions in Nigeria, particularly the importation of goods, are predominantly conducted via maritime transport.

On August 6, 2025, President Bola Ahmed Tinubu in a landmark effort to transform the Nigerian Insurance Sector signed the Nigerian Insurance Industry Reform Act (NIIRA), 2025.

On Tuesday, August 5, 2025, the Nigerian President, Bola Ahmed Tinubu signed into law the Nigerian Insurance Industry Reform Act (NIIRA or the "Act") 2025.

The Insurance Reform Act requires insurance companies to increase their share capital to ensure solvency and enhance their capacity to pay claims.

The National Insurance Commission (NAICOM), on 30th July 2025, released the Guidelines for Insurtech Operations in Nigeria (the "Guidelines"), which became effective on 1st August...