KBL Insurance reaffirms commitment to NIIRA 2025

KBL Insurance Limited has restated its firm commitment to advancing compulsory insurance in Nigeria, following the signing of the Nigeria Insurance Industry Reform Act (NIIRA) 2025 into law by President Bola Ahmed Tinubu. This landmark legislation represents a decisive step in the Federal Government’s Renewed Hope Agenda, designed to strengthen the insurance sector and propel the nation towards its vision of a $1 trillion economy.

NIIRA 2025 consolidates outdated insurance statutes into a modern, unified legal framework, ushering in transformative reforms across the industry. The Act introduces measures to enhance transparency, raise capital adequacy standards, and foster innovation, while safeguarding policyholders’ rights and building public confidence in insurance. Key provisions include more efficient claims settlement, expanded insurance penetration through digitalisation, and the establishment of policyholder protection funds to provide security in cases of insurer insolvency.

The National Insurance Commission (NAICOM) has been entrusted with driving the implementation of this reform, ensuring stronger regulatory compliance and positioning the insurance industry as a vital engine of Nigeria’s economic growth.

Reaffirming KBL Insurance’s commitment, Lawal Mijinyawa, Managing Director and Chief Executive Officer, stated: “At KBL Insurance Limited, we regard compulsory insurance not merely as a statutory obligation but as a critical safety net for individuals, families, and businesses. NIIRA 2025 offers a robust platform for us to pursue our vision of becoming the company recognised for providing insurance protection to every home and business in Nigeria.”

As one of Nigeria’s foremost general insurance providers, KBL Insurance is fully aligned with the objectives of NIIRA 2025. The company is investing in innovative solutions to make compulsory insurance more affordable and accessible, while also intensifying public awareness campaigns. Through collaboration with regulators and engagement with communities, KBL seeks to deepen understanding of the benefits of insurance and its role in promoting financial security and national stability.

Mr. Mijinyawa further added: “The enactment of NIIRA 2025 represents a defining moment for Nigeria’s insurance industry. KBL is proud to contribute to this historic journey and remains dedicated to driving sectoral growth through professionalism, innovation, and exemplary service delivery.”