KBL Insurance Limited is leveraging the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to drive compulsory insurance across Nigerian homes and businesses.
According to the general insurance company, NIIRA 2025 offers a robust platform to pursue the vision of becoming recognised for providing insurance protections to every home and business in Nigeria.
Reaffirming KBL Insurance’s commitment, Lawal Mijinyawa, managing director/CEO, who commented on the recently enacted insurance law stated: “At KBL Insurance Limited, we regard compulsory insurance not merely as a statutory obligation but as a critical safety net for individuals, families, and businesses.
“As one of Nigeria’s foremost general insurance providers, KBL Insurance is fully aligned with the objectives of NIIRA 2025.”
The company, the CEO noted is investing in innovative solutions to make compulsory insurance more affordable and accessible, while also intensifying public awareness campaigns.
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“Through collaboration with regulators and engagement with communities, KBL seeks to deepen understanding of the benefits of insurance and its role in promoting financial security and national stability.
Mijinyawa further added, “The enactment of NIIRA 2025 represents a defining moment for Nigeria’s insurance industry. KBL is proud to contribute to this historic journey and remains dedicated to driving sectoral growth through professionalism, innovation, and exemplary service delivery.”
This landmark legislation he noted represents a decisive step in the Federal Government’s Renewed Hope Agenda, designed to strengthen the insurance sector and propel the nation towards its vision of a $1 trillion economy.
“NIIRA 2025 consolidates outdated insurance statutes into a modern, unified legal framework, ushering in transformative reforms across the industry. The Act introduces measures to enhance transparency, raise capital adequacy standards, and foster innovation, while safeguarding policyholders’ rights and building public confidence in insurance.”
Mijinyawa said key provisions include more efficient claims settlement, expanded insurance penetration through digitalisation, and the establishment of policyholder protection funds to provide security in cases of insurer insolvency.
KBL Insurance Limited is a trusted general insurance provider in Nigeria, committed to delivering innovative risk management solutions that bring peace of mind to individuals and businesses alike. With a culture founded on professionalism, customer focus, and innovation, KBL continues to set industry benchmarks for excellence in service and reliability.
