19/02/2026
The Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Tinubu, represents a significant overhaul of Nigeria's insurance industry. This Act repeals and replaces outdated insurance laws, introducing more stringent capital requirements, enhanced consumer protection through compulsory insurance, increased market transparency, and the advancement of digitalization and timely settlement of claims. Moreover, it mandates property owners to insure their properties with approved insurance companies by NAICOM. To ensure accurate insurance coverage, an Insurance Valuation Report (IRV) conducted by Registered Estate Surveyors & Valuers is necessary to determine the subject property's value for insurance purposes, preventing under or over insurance.
For valuation services, please contact 0815 280 0125