Commercial transactions in Nigeria, particularly the importation of goods, are predominantly conducted via maritime transport. In other words, the carriage of goods by sea remains the primary mode through which trade and commercial activities are executed within the country. Given the inherently volatile nature of maritime transport, the need for adequate protection against unforeseen risks and liabilities cannot be overstated. As a result, marine insurance has become a critical component of the carriage of goods by sea.
Owing to the importance of this aspect of maritime commerce, it is imperative that marine insurance be subject to effective regulation, particularly within the Nigerian legal framework. This necessity led to the enactment of the Marine Insurance Act (MIA) in 1962, which historically governed marine insurance in Nigeria.
While the MIA was a product of its time, having been enacted in 1962, it has since become increasingly outdated consideringcontemporary commercial realities and advancements in the global insurance landscape. The imperative for reform became both evident and urgent. Consequently, this need prompted the enactment of the Nigerian Insurance Industry Reform Act, 2025, (‘the Reform Act’ or ‘NIIRA’), which represents a comprehensive and transformative legal framework aimed at modernizing Nigeria’s insurance industry, with far-reaching implications for maritime commerce.