Insurance stocks Nigerian Exchange Limited (NGX) on Tuesday, recorded a 10 percent surge.
Gatekeepers News reports that the development comes a day after President Bola Ahmed Tinubu signed the Nigerian Insurance Industry Reform Bill 2025 into law
The new law seeks to recapitalise the industry, strengthen Nigeria’s financial sector, and boost investor confidence as part of efforts to accelerate the country’s progress toward a $1 trillion economy.
According to Bayo Onanuga, special adviser on information and strategy to the president, the Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates outdated insurance laws into a single, modern legal framework.
Market data showed that within 24 hours of the bill’s assent, most insurance companies’ share prices rose sharply, with only two out of 17 insurance stocks recording no change.
Among the top gainers were Mutual Benefits Assurance, which rose from N2.20 to N2.42, marking a 10 percent increase, and Custodian Investment, which climbed from N39.15 to N43.05, gaining 9.96 percent.
Cornerstone Insurance also appreciated by 9.96 percent, moving from N4.82 to N5.30, while Wapic Insurance increased from N2.72 to N2.99, up 9.93 percent.
Lasaco Assurance advanced from N3.14 to N3.45, a 9.87 percent rise, and AIICO Insurance moved from N2.64 to N2.90, up 9.85 percent.
Other significant gainers included Consolidated Hallmark Insurance, which jumped 9.97 percent from N3.71 to N4.08, Sovereign Trust Insurance, which rose from N2.06 to N2.26 (9.71 percent), and International Energy Insurance, which appreciated from N2.36 to N2.59 (9.75 percent).
Universal Insurance moved from N0.83 to N0.91, gaining 9.64 percent, while Veritas Kapital increased from N1.67 to N1.83 (9.58 percent).
Linkage Assurance climbed 9.43 percent from N1.59 to N1.74, Prestige Assurance went up from N1.38 to N1.51 (9.42 percent), and Guinea Insurance as well as Regency Alliance each advanced from N0.97 to N1.06 (9.28 percent).
AXA Mansard and NEM Insurance however, remained unchanged, trading flat at N11 and N27 respectively during the same period.
