Incoming NIA Chairman Unveils Agenda To Deepen Insurance Penetration, Strengthen Public Trust

By LOVETH AZODO CHIJIOKE

Incoming Chairman of the Nigerian Insurers Association (NIA), Mrs. Ebelechukwu Nwachukwu, has outlined a three-pronged agenda.

They are aimed at deepening insurance penetration, improving public understanding of insurance and strengthening regulatory compliance as the industry enters a new era under the Nigeria Insurance Industry Reform Act (NIIRA) 2025.

Chairman of the Investiture Committee and Managing Director/CEO of AIICO Insurance Plc, Mr. Babatunde Fajemirokun, speaking during the pre-investiture press briefing ahead of the inauguration of the 27th Chairman of the Nigerian Insurers Association (NIA), Mrs. Ebelechukwu Nwachukwu (L), Managing Director/CEO of Rex Insurance Limited, in Lagos.

Speaking at a pre-investiture press conference ahead of her formal inauguration as the 27th Chairman of the association on July 3, 2026, Nwachukwu said the insurance industry was at a defining moment, with the new Insurance Act presenting an opportunity to rebuild trust, strengthen resilience and reposition insurance as a key driver of economic stability.

She noted that her leadership would be guided by the core objectives of the NIA and anchored on collaboration across the financial services ecosystem, stressing that the era of competition in silos must give way to strategic partnerships capable of expanding insurance access to millions of underserved Nigerians.

According to her, one of the immediate priorities of her administration would be to deepen insurance penetration through alliances with banks, fintechs, microfinance institutions and other distribution channels to make insurance products more accessible to individuals and small businesses.

Nwachukwu said the acceptance of the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, to chair her investiture ceremony symbolised the growing synergy between the banking and insurance sectors and underscored the importance of collaboration in building a resilient financial services ecosystem.

She also pledged to focus on restoring confidence in insurance by promoting public enlightenment and simplifying insurance processes, noting that a major reason for low patronage remained the poor understanding of insurance by many Nigerians.

“Trust deficits exist largely because people do not understand what insurance truly offers. We will simplify claims, clarify policy language and share real stories of insurance at work in protecting families and businesses. When people understand insurance, they trust it, and when they trust it, they buy it,” she said.

The incoming NIA chairman further promised to strengthen the association’s role as a bridge between operators and regulators by providing technical input on the implementation of the new Insurance Act and supporting member companies to comply with emerging regulatory requirements.

Describing the NIIRA 2025 as the most far-reaching reform of the industry in decades, she said the legislation, which introduced a Risk-Based Capital framework and significantly higher minimum capital requirements, would enhance governance, consumer protection and market resilience.

She assured stakeholders that the association under her watch would work closely with government and regulators to address implementation challenges and advocate policies that would support a healthy and competitive insurance industry.

Nwachukwu reiterated that her administration would pursue sustained public enlightenment, stronger industry standards and expanded access to insurance products across urban and rural communities, while calling on the media to partner with the industry in telling a new story centred on protection, partnership and progress.