The National Insurance Commissin (NAICOM)has charged the new leadership of the Nigeria Insures Association (NIA) to restore public confidence in insurance and deepen market penetration by bringing more than 100 million uninsured Nigerians into the industry’s safety net.
The Commissioner for Insurance, Olusegun Omosehin, gave the charge in Lagos while inaugurating Ebelechukwu Nwachukwu as the 27th Chairman of the NIA, describing her emergence as the first woman to lead the association as a landmark achievement.
Omosehin said Nwachukwu’s emergence comes at a critical period as operators implement the Nigeria Insurance Industry Reforms Act (NIRA) 2025 and conclude the ongoing recapitalisation exercise ahead of the July 31 deadline.
The commissioner said the insurance sector has entered a defining phase, with the new legal framework and higher capital requirements providing a platform for stronger and more resilient operators capable of supporting Nigeria’s economic aspirations.
“The NIIRA 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,” Omosehin said.
According to him, while NIIRA 2025 has laid the legal foundation for a more competitive industry and the ongoing recapitalisation exercise is creating stronger institutions, the next challenge is translating the reforms into improved service delivery and broader insurance inclusion.
He urged the new NIA leadership to prioritise rebuilding public trust by ensuring prompt settlement of claims, encouraging member companies to publish claims payment records and placing customer service at the centre of their operations.
The commissioner also called for closer collaboration between insurers, state governments and law enforcement agencies to improve enforcement of the six compulsory insurance policies provided under Nigerian law, noting that compliance remains weak despite existing regulations.
He challenged the new leadership to “unite the market, raise the bar and expand” by targeting millions of Nigerians who remain outside the insurance ecosystem.
He commended the immediate past Chairman of the association, Kunle Ahmed, for supporting the commission during the legislative process that culminated in the passage of NIIRA 2025, while assuring the new leadership of NAICOM’s continued regulatory support.
Nwachukwu pledged to work with all stakeholders to build a stronger, more inclusive and globally competitive insurance industry capable of contributing meaningfully to Nigeria’s economic development.
She said her administration would focus on strengthening collaboration among operators, supporting the successful implementation of the recapitalisation and driving initiatives that would increase Insuarance Awareness , improve service delivery and deepen market penetration.
