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The National Insurance Commission (NAICOM) has called on the newly inaugurated leadership of the Nigerian Insurers Association (NIA) to accelerate insurance penetration, strengthen public confidence, and drive wider adoption of insurance across the country.
Speaking at the inauguration of Ebelechukwu Nwachukwu as the 27th Chairman of the NIA in Lagos, the Commissioner for Insurance, Olusegun Omosehin, described her appointment as the first female chair of the association as a significant milestone for the industry.
Omosehin said the leadership transition comes at a pivotal time for Nigeria’s insurance sector, as operators implement the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and conclude the ongoing recapitalisation exercise ahead of the July 31 deadline.
According to the commissioner, the combination of the new legal framework and enhanced capital requirements provides an opportunity to build stronger, more resilient insurance institutions capable of supporting Nigeria’s long-term economic growth.
“The insurance industry stands at a defining moment. The laws have changed, the capital base is evolving, and the focus must now shift to transforming how the industry serves Nigerians,” he said.
Omosehin noted that while NIIRA 2025 has established a stronger regulatory foundation and the recapitalisation programme is strengthening operators’ financial capacity, the industry’s success will ultimately be measured by its ability to improve customer experience and expand insurance coverage.
He urged the new NIA leadership to prioritise rebuilding public trust by promoting prompt claims settlement, encouraging insurers to publish claims payment records, and placing customer service at the centre of business operations.
The commissioner also called for stronger collaboration between insurance companies, state governments and law enforcement agencies to improve enforcement of Nigeria’s six compulsory insurance policies, noting that compliance levels remain low despite existing legal provisions.
He challenged the association to unite industry stakeholders, raise service standards and develop strategies capable of bringing millions of uninsured Nigerians into the formal insurance ecosystem.
Omosehin also commended the immediate past NIA Chairman, Kunle Ahmed, for his support during the legislative process that culminated in the enactment of NIIRA 2025, assuring the association of NAICOM’s continued regulatory support.
In her acceptance remarks, Nwachukwu pledged to work closely with regulators and industry stakeholders to build a stronger, more inclusive and globally competitive insurance sector.
She said her administration would focus on deepening collaboration among member companies, supporting the successful implementation of the recapitalisation programme, increasing insurance awareness, improving service delivery and expanding market penetration across Nigeria.
According to her, these priorities will be critical to positioning the insurance industry to make a greater contribution to national economic development while extending financial protection to more individuals and businesses.
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