By David Akinmola
With the signing of the Nigerian Insurance Industry Reform Act (NIIRA) into law by President Bola Ahmed Tinubu, hope is rising among Nigerians that a new era of prompt and fair claims settlement is finally within reach.
After years of frustration over delayed or denied insurance payouts, citizens are now voicing cautious optimism that the reforms will bring much-needed relief and accountability to the industry.
Across social media platforms, particularly X (formerly Twitter), Nigerians yesterday began sharing their experiences and expectations in response to the landmark development. “Had to wait over five months for my car insurance claim after an accident last year,” wrote @Chinelo Writes. “If this new law enforces settlement deadlines, it could change everything for people like me.”
For many, the pain of deadlines with slow or unresponsive insurers has long been a barrier to trusting or even considering insurance products. But the reform law, which mandates strict timelines for claims processing and strengthens regulatory oversight through the National Insurance Commission (NAICOM), is being seen as a critical turning point.
“It’s not just about insurance anymore,” posted @AdeolaBroker, an insurance intermediary based in Lagos. “This is about restoring trust and encouraging wider adoption. If people believe claims will be paid quickly and fairly, the entire industry benefits.”
The Act introduces clear consumer protection measures, including compulsory claims settlement periods, digital claims tracking, and stiffer penalties for underwriting firms that fail to comply. It also aims to expand insurance coverage, particularly among informal workers, and strengthen enforcement of compulsory policies like motor third-party insurance.
These provisions have sparked hope among users who have felt ignored by insurance companies in the past. “My dad’s life insurance claim took forever,” said@ObinnaClaims.
“He passed in 2021, and we got the payout almost a year later. If this law helps families like mine avoid that stress, it’s a big win.”
Beyond the individual series, industry watchers say the reform is designed to increase transparency and efficiency in how claims are processed. For instance, underwriting firms will be required to submit real-time data to NAICOM, helping the regulator monitor performance and intervene where necessary.
Still, not everyone is convinced the reform will deliver as promised. “Nice law. Now let’s see the action,” twented@skepticalNGR. “NAICOM must walk the talk. Enforcement is everything. “Others echoed the need for visible accountability and systemic change, urging the commission to publish compliance data and allow policyholders to report infractions easily.
Meanwhile, insurers themselves face growing pressure to upgrade their systems and processes to align with the new law. Some firms have already begun investing in digital claims platforms and customer support tools, aware that competitive advantage may soon depend on how quickly and efficiently they respond to claims.
Daniel O, a tech entrepreneur and policyholder, believes the new legislation is a step in the right direction, but that culture change within the insurance ecosystem is still key. “Technology helps, laws help, but people need to feel heard and respected when they file claims. That human element matters.”
With implementation now in motion, the coming months will be critical in determining whether the hopes of Nigerians are met with real change. From improved communication and faster settlements to stronger regulatory enforcement, the reform promises to reshape not just the image of the insurance industry but its day-to-day interaction with millions of Nigerians.
As one user put it simply,” Insurance should protect, not frustrate. Let’s hope this new law finally makes that true.”
