The Nigerian insurance sector witnessed a strong rally on the stock market following President Bola Ahmed Tinubu’s signing of the Nigerian Insurance Industry Reform Act (NIIRA), 2025 into law on Tuesday, August 5, 2025.
Just 24 hours after the landmark legislation was enacted, insurance stocks surged by as much as 10%, signaling renewed investor confidence and optimism about the sector’s future.
An analysis of trading activity on the Nigerian Exchange (NGX) on Wednesday, August 6, revealed that 15 out of 17 listed insurance stocks recorded significant price gains, while only two—AXA Mansard (N11.00) and NEM Insurance (N27.00)—remained unchanged.
Top Gainers:
- Mutual Benefits Assurance led the pack with a 10% jump, rising from N2.20 to N2.42.
- Custodian Investment followed closely, climbing 9.96% from N39.15 to N43.05.
- Cornerstone Insurance also gained 9.96%, moving from N4.82 to N5.30.
- Wapic Insurance saw a 9.93% rise, from N2.72 to N2.99.
- Lasaco Assurance increased by 9.87%, from N3.14 to N3.45.
- AIICO Insurance advanced 9.85%, rising from N2.64 to N2.90.
- Consolidated Hallmark Insurance (CHI) went up 9.97%, from N3.71 to N4.08.
Other strong performers included:
- Sovereign Trust Insurance: up 9.71% (N2.06 → N2.26)
- International Energy Insurance: up 9.75% (N2.36 → N2.59)
- Universal Insurance: up 9.64% (N0.83 → N0.91)
- Veritas Kapital Assurance: up 9.58% (N1.67 → N1.83)
- Linkage Assurance: up 9.43% (N1.59 → N1.74)
- Prestige Assurance: up 9.42% (N1.38 → N1.51)
- Guinea Insurance: up 9.28% (N0.97 → N1.06)
- Regency Alliance Insurance: up 9.28% (N0.97 → N1.06)
The broad rally comes as investors responded positively to the provisions of the NIIRA 2025, which is expected to modernize regulatory oversight, enhance consumer confidence, and attract investment into the insurance sector. Analysts say the market movement reflects anticipation of increased capital inflows, improved governance, and accelerated growth in the insurance space.
With Nigeria’s financial sector aiming to support the country’s goal of becoming a $1 trillion economy, stakeholders see the NIIRA 2025 as a major step toward unlocking the insurance industry’s long-untapped potential.
