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Spectramax is your go-to source for insurance insights.
We cater to a diverse audience, offering valuable resources on insurance options, industry updates, and expert opinion.
Our goal is to empower you to make informed decisions, protect what matters, and achieve financial peace of mind.
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HOT FROM THE PRESS
A new Insurance Act has emerged
The Insurance Act 2003 and other existing Insurance and re insurance legislation have been updated to become the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
The new Act has made significant changes to the Insurance sector in Nigeria.
How NIIRA 2025 affects you as an Insurance organisation: 1. An increase in minimum capital requirements for life insurers from N2billion to N10 billion. 2. Non-life insurers from N3 billion to N15 billion. 3.Re-insureres from N20 billion to N35 billion. All insurers must always maintain a minimum capital adequacy ratio of 100%.
How NIIRA 2025 affects you as an individual: 1. Proof of Insurance is mandatory for motorists. Drivers must provide personal details like name, address and proof of valid Insurance. This can either be shown in an electronic or printed form upon evidential request by law enforcement. Failure to comply results in fines up to N25,000. 2. An accident causing injury requires the driver to present their insurance details immediately or report to the nearest police station within 24 hours of the accident. Failure to do this may incur a fine of up to N50,000.
Landlords beware! How NIIRA 2025 affects you as a Landlord: All public buildings must be insured. Schools, hostels, shopping centres, offices and so forth, there is no exception for non-compliance. Landlords will be fined N1m, jailed for 12 months, or both if their property has not been insured against hazards.
