KBL Insurance Limited has thrown its weight behind the newly signed Nigeria Insurance Industry Reform Act (NIIRA) 2025, reaffirming its commitment to driving compulsory insurance across the country.
The Act, signed into law by President Bola Tinubu, marks a historic overhaul of the industry by replacing outdated regulations with a modern framework designed to boost transparency, protect policyholders, and deepen insurance penetration. It also introduces faster claims settlement, stricter capital requirements, digital innovation, and a policyholder protection fund to safeguard customers if insurers go under.
Managing Director and CEO of KBL Insurance, Lawal Mijinyawa, described compulsory insurance as more than a legal requirement, calling it a “critical safety net for individuals, families, and businesses.” He said NIIRA 2025 provides the platform for KBL to deliver on its vision of bringing insurance protection to every home and business in Nigeria.
To align with the reforms, the insurer is investing in technology to make coverage more affordable and accessible, while ramping up awareness campaigns to improve public understanding of insurance benefits.
“The enactment of NIIRA 2025 is a defining moment for Nigeria’s insurance industry,” Mijinyawa added. “KBL is proud to be part of this transformation and will continue to drive growth through innovation and customer-focused service.”
