By LOVETH-AZODO CHIJIOKE, Lagos
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has charged the new leadership of the Nigerian Insurers Association (NIA) to unite the underwriting market, strengthen professional standards and drive deeper insurance penetration as the industry enters what he described as a defining phase of its transformation.
Speaking at the investiture of Mrs. Ebelechukwu B. Nwachukwu as the 27th and first female Chairman of the NIA in Lagos, Omosehin said the insurance industry was no longer seeking relevance but was now focused on executing reforms that would rebuild public confidence and expand the sector’s contribution to national economic growth.
He described Nwachukwu’s emergence as both historic and timely, noting that she assumes office at a period marked by the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the industry’s recapitalisation exercise.
Commending the immediate past Chairman, Mr. Kunle Ahmed, Omosehin praised his leadership, particularly his role in supporting the passage of NIIRA 2025, describing the legislation as a landmark reform that provides the legal framework for a stronger and more resilient insurance sector.
According to him, the recapitalisation deadline scheduled for July 31, 2026, is intended not merely to increase capital but to enhance industry capacity, credibility and underwriting strength.
“The industry will emerge with stronger, better-capitalised companies. This is recapitalisation for capacity, for retention and for credibility,” he said.
He added that the progress recorded in capital verification demonstrates the industry’s readiness to support the Federal Government’s ambition of building a one-trillion-dollar economy by 2030.
Omosehin identified trust, enforcement and innovation as the three major responsibilities before the NIA.
He urged operators to rebuild public confidence through prompt claims settlement, transparency and improved customer service, saying every claim paid fairly strengthens confidence in insurance.
On compulsory insurance enforcement, he called for stronger collaboration between the NIA, state governments, the Federal Road Safety Corps (FRSC), the Nigeria Police Force and other enforcement agencies to improve compliance with statutory insurance requirements.
The Commissioner also challenged insurers to embrace innovation through digital distribution, embedded insurance, microinsurance, Takaful and parametric products capable of reaching farmers, traders and underserved communities.
Addressing the new Chairman directly, Omosehin outlined three priorities for her administration.
“Unite the market. Competition must not become fragmentation. Our transformation needs one voice, one standard and one purpose.
“Raise the bar on claims, disclosure and professionalism. Let NIA become the mark of quality.
“Expand the pie. Grow penetration, not just premium income. Take insurance to the millions of Nigerians who have never owned an insurance policy.”
He assured the Association of NAICOM’s continued partnership while reiterating the Commission’s commitment to stronger governance, risk-based supervision, consumer protection and improved market conduct.
Nwachukwu Pledges Industry Transformation
Responding in her inaugural address, the 27th Chairman of the Nigerian Insurers Association (NIA), Mrs. Ebelechukwu Nwachukwu, pledged to build on the reforms already underway in the industry by prioritising trust, professionalism and collaboration.
The first woman to lead the Association said her administration would pursue an A.C.E. Agenda anchored on Awareness, Capacity Building and Enforcement, with the goal of moving Nigeria’s insurance industry “from potential to performance.”
She said her focus would be on expanding insurance adoption, strengthening professional capacity, promoting compliance with compulsory insurance and fostering greater collaboration among insurers, brokers, agents, reinsurers and regulators.
Nwachukwu also reaffirmed her commitment to improving public confidence in insurance through prompt claims settlement, enhanced consumer engagement and stronger market discipline, noting that the industry’s transformation would require collective action from all stakeholders.
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