The Nigerian Insurers Association (NIA) has described 2025 as a defining year for the insurance industry, citing strategic initiatives that boosted market development, strengthened public confidence, and deepened engagement with key stakeholders.
In a review of the year, the Association said major milestones included the launch of the NIA Innovation Lab, sustained advocacy for compulsory insurance enforcement, and ongoing engagements with the industry regulator that led to improvements in regulatory circulars.
The NIA also ramped up collaboration with critical institutions such as the National Assembly, the Economic and Financial Crimes Commission (EFCC), and sister industry associations, efforts it said were aimed at creating a more enabling operating environment for insurers.
In a New Year message to chief executive officers of insurance companies, NIA Chairman, Kunle Ahmed, commended industry players for their resilience and commitment throughout the year.
“On behalf of the Governing Council and Management of the Nigerian Insurers Association, I extend heartfelt greetings to you, your leadership teams, and your dedicated staff. I deeply appreciate your commitment to clients’ satisfaction, unwavering support, resilience, and collaborative spirit, which together defined the remarkable progress of our Association and the Nigerian insurance industry in 2025,” Ahmed said.
He described 2025 as particularly impactful, pointing to the Association’s revitalised media strategy that amplified the industry’s voice, as well as continuous capacity-building programmes designed to prepare professionals for a rapidly evolving market.
Ahmed also acknowledged the support of the Africa Re Foundation, which facilitated the commencement of Nigeria’s Mortality Rate Table project—an initiative expected to significantly enhance the life insurance segment. He further highlighted the signing into law of the Nigeria Insurance Industry Reform Act (NIIRA) in 2025, describing it as a major milestone that provides a stronger framework for insurance penetration, governance, and sustainable growth.
Looking ahead, the NIA Chairman said the Association’s focus in 2026 would be on the effective implementation of NIIRA 2025 through close collaboration among insurers, regulators, and other stakeholders. He disclosed plans to sustain advocacy, guidance, and capacity-building initiatives, as well as the establishment of a recapitalisation help desk to support member companies during the transition period.
“With cooperation, transparency, and shared responsibility, I am confident we will consolidate the gains of 2025 and usher in a new era of growth and public trust,” Ahmed said.
He also expressed condolences over the death of the former Managing Director and Chief Executive Officer of STACO Insurance Plc, who passed away on December 27, 2025.
“On behalf of the NIA, I convey our sincere condolences to the board, management, and staff of the organisation. The late Wale Banmore was a distinguished industry leader whose contributions to insurance practice will be fondly remembered. May his soul rest in peace,” he added.
