Cornerstone Insurance Insight: Enjoying greater benefits under NIIRA
Executive Director, Technical Operations, Mr. Peter Ekwueme
Nike Popoola
The enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 on 31 July 2025 represents a significant turning point for Nigeria’s insurance industry. By strengthening regulation and accountability, the new law sets the stage for a more reliable and consumer-focused insurance environment, an outlook that mirrors the long-standing customer-centric values of Cornerstone Insurance Plc.
Under NIIRA 2025, stricter capital and governance benchmarks are now in place to ensure that only financially sound and professionally managed insurers operate within the market. This development enhances confidence in the sector, as stronger balance sheets enable insurers to meet claims obligations while offering greater protection to policyholders.
A major highlight of the reform is the emphasis on timely claims settlement. The Act introduces defined processing timelines supported by enforcement measures, helping to eliminate unnecessary delays and ensuring that policyholders receive prompt and fair compensation when it matters most.
Insurance plays a vital role in safeguarding livelihoods and supporting economic stability. It provides reassurance during uncertainty, empowers recovery after loss, and reinforces social and financial resilience.
As the industry adapts to this new regulatory landscape, Cornerstone Insurance Plc continues to distinguish itself through innovation and service excellence. The company remains focused on enhancing customer experience by leveraging technology, including Cici, its AI-powered virtual assistant, which improves responsiveness, speed, and engagement.
Commenting on the company’s strategy, the Executive Director, Technical Operations, Mr. Peter Ekwueme, explained that Cornerstone Insurance develops products based on data-driven insights to ensure relevance and value. According to him, “technology is central to improving operational efficiency and delivering solutions that reflect the evolving needs of customers.
“Offering a wide range of life and non-life insurance solutions, Cornerstone Insurance is committed to providing dependable coverage, long-term value, and peace of mind in a dynamic insurance market.”
For more information, visit any Cornerstone Insurance branch nationwide, call 0708 621 6957, or visit www.cornerstone.com.ng.
