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The article explores the requirement of insurable interest in insurance contracts and the varying degrees of statutory reforms thereto in the common law jurisdictions of the United Kingdom, Australia and Nigeria. It is argued that the doctrine has, most often than not, provided a technical defence to the insurers to evade just obligations. The statutory reform measures have addressed some perceived problems inherent in the strict application of the principle to meet the exigencies of contemporary society. It concludes that, notwithstanding the extent of the statutory reform in the Nigerian Insurance Law, further reform measures are desirable for greater improvement. [ABSTRACT FROM AUTHOR]