Africa: Insurance

On 29 July 2025, President Bola Ahmed Tinubu signed into law the Nigeria Insurance Industry Reform Act 2025 (‘NIIRA' or ‘New Act'), a legislation aimed at transforming the Nigerian insurance sector.

On August 6, 2025, President Bola Ahmed Tinubu in a landmark effort to transform the Nigerian Insurance Sector signed the Nigerian Insurance Industry Reform Act (NIIRA), 2025.

On August 5, 2025, the Nigerian Insurance Industry Reform Act (the "Act") was signed into law, reforming the regulatory framework for insurance companies and other entities providing services...

When personal information is compromised, insurers face more than a technical problem—they confront a legal and reputational crisis that demands immediate, structured action. Drawing lessons from major South African data breaches including Dis-Chem, Experian, and FlySafair, this analysis examines how insurance organisations can implement effective data breach triage protocols under POPIA to ensure proportionate escalation, preserve evidence, and maintain control when incidents occur.

Nigeria's Insurance Regulatory Sandbox, operational since 2023, offers a controlled testing environment for innovative insurance structures. Could this framework provide the pathway for establishing a domestic Protection & Indemnity mutual club, addressing a critical gap in Nigeria's maritime insurance sector while navigating the complex regulatory requirements of NAICOM, NIMASA, and local content legislation?

Nigeria's landmark insurance reform has inadvertently complicated the establishment of a domestic Protection and Indemnity club, creating a fundamental tension between modern regulatory requirements and the mutual structure essential to marine liability insurance. Can the National Insurance Commission leverage existing legal provisions to bridge this gap and capture billions in annual premiums currently flowing to foreign institutions?