ThisDay· 1h ago· 1 min read
Mathew Ogelenya Ogwezhi
After more than two decades in Nigeria's insurance industry, I have seen first-hand the persistent challenge we face: despite a population of over 200 million and a vibrant economy, insurance penetration remains stubbornly low. Many Nigerians distrust the industry, find current products unaffordable, or do not see their value.
This reality demands decisive action from those of us who understand both the roots and opportunities of our market. It is this context that shapes how I interpret the Nigerian Insurance Industry Reform Act (NIIRA) 2025
This legislation is the most comprehensive reform I have witnessed in my career. It addresses capital adequacy, governance frameworks, consumer protection mechanisms, and digital transformation requirements in a way no previous regulatory intervention has attempted. But I will be direct: legislation of this kind has…
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