Barbara Bako, Abuja.
The National Insurance Commission (NAICOM) has charged the Nigerian Insurers Association (NIA) to spearhead efforts to rebuild public confidence in the insurance industry, strengthen enforcement of compulsory insurance and drive innovation as the sector implements sweeping reforms.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, gave the charge on Saturday in Abuja during the investiture of Mrs. Ebelechukwu B. Nwachukwu as the 27th Chairman of the NIA, making her the first woman to lead the association since its establishment.
Omosehin described Nwachukwu’s emergence as a historic milestone that comes at a critical period for the industry following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the approaching conclusion of the industry’s recapitalisation exercise scheduled for July 31, 2026. GFC
According to him, the legal and financial reforms now require strong leadership to deliver meaningful i change across the insurance market.
“The foundation is set. NIIRA 2025 gave us the legal framework.
Recapitalisation is giving us stronger, better-capitalised institutions. Now, leadership must build,” he said.
The Commissioner commended the immediate past NIA Chairman, Mr. Kunle Ahmed, for his leadership and support for the successful passage of NIIRA 2025.
He outlined three priorities for the association under its new leadership, urging it to promote excellence in claims settlement to restore public trust, strengthen collaboration with state governments and law enforcement agencies to enforce compulsory insurance, and accelerate the adoption of digital channels, microinsurance, Takaful and parametric insurance products to expand insurance penetration beyond the current level of one percent.
Omosehin also reaffirmed NAICOM’s commitment to implementing risk-based supervision, enhancing corporate governance and strengthening consumer protection under the new insurance law.
He urged Nwachukwu to unite industry operators, raise service standards and expand insurance coverage to millions of Nigerians who remain uninsured.
“The Nigerian insurance industry stands at a defining inflection point. The laws have changed. The capital base is changing. Now we must transform how we serve the Nigerian people,” he said.
The Commissioner assured the new NIA chairman of NAICOM’s continued support as she leads the association through the next phase of the industry’s transformation.
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