The Nigerian insurance industry have signalled its determination to embrace innovation through shared collaboration that will not only expand market opportunity, but also bolster customer experience.

This is as data from Industry’s Inaugural Innovation Survey shows that 87 percent executives are willing to collaborate on shared solutions, while another 69 percent are ready to commit resources in 2025.

The growing openness expressed at the formal launch of 2025 NIA Innovation Lab by the Nigerian Insurers Association marks a pivotal moment for the sector as it looks to modernise and meet emerging challenges.

The Nigerian Insurers Association (NIA) welcomes with great appreciation the presidential assent to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, a pivotal legislation that sets the stage for transformative progress across the insurance ecosystem and the broader financial services landscape.
This Act, signed into law by President Bola Ahmed Tinubu, GCFR, represents a bold step toward strengthening the regulatory framework, enhancing public trust, improving market penetration, and modernising operations within the industry. It reflects the Federal Government’s commitment to deepening financial inclusion and ensuring that insurance becomes a robust pillar in Nigeria’s economic architecture and in line with the president’s vision for achieving a $1 trillion economy by 2030.

The African Insurers Organisation (AIO) has moved to strengthen collaboration with the Nigerian insurance market while pledging more value in return for insurance companies of its member countries.

The Secretary General of the AIO, Mr. Jean Baptiste, said this during an official visit to the Nigerian Insurance Market in company of the AIO’s Communication and Public Relations Officer, Mr Charles Moki, hosted by the Nigerian Insurers Association (NIA) in Lagos.

A statement by the Head, Corp. Comm/Brand Management, NIA, Ajoke Adeyemi, said the visit of the AIO officials to Nigeria began with a meeting with the NIA Chairman, Mr Kunle Ahmed, flagged by the management of the NIA, led by the Director-General, Mrs Bola Odukale, on Monday, May 5, 2025, followed by a meeting with the Chief Executive Officers (CEOs) of AIO member companies in Nigeria.

The visit extended to other arms of the industry on Tuesday and ended with a dinner organised by the NIA on Wednesday for the AIO officials, Past Chairman of the AIO, Mr Tope Smart, board member of the AIO, Mr Eddie Efekoha, and principal officers of various arms of the insurance industry.