NAICOM charges NIA to rebuild public trust in insurance

Nigeria's insurance sector is poised for transformation, with the National Insurance Commission (NAICOM) charging the Nigerian Insurers Association (NIA) to spearhead efforts in rebuilding public confidence. Mr. Olusegun Ayo Omosehin, NAICOM's Commissioner for Insurance, delivered this directive at the investiture of Mrs. Ebelechukwu Nwachukwu as the 27th Chairman of the NIA. Nwachukwu's appointment marks a historic moment as she is the first woman to lead the association.

Omosehin highlighted that Nwachukwu's leadership arrives at a critical juncture, following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the impending close of the recapitalization exercise on July 31, 2026. "The foundation is set. NIIRA 2025 gave us the legal framework. Recapitalisation is giving us stronger, better capitalised institutions. Now, leadership must build," he stated.

“

The foundation is set. NIIRA 2025 gave us the legal framework. Recapitalisation is giving us stronger, better capitalised institutions. Now, leadership must build.

The NIA, under its new leadership, faces three primary responsibilities: fostering a market-wide culture of claims excellence by publishing claims ratios and competing on service; ensuring compliance with the six classes of compulsory insurance in collaboration with state governments and law enforcement; and driving innovation in digital channels, microinsurance, Takaful, and parametric covers to increase insurance penetration beyond 1%.

NAICOM reiterated its commitment to risk-based supervision, robust governance, and consumer protection under NIIRA 2025. Omosehin urged the new NIA chairman to unite the market, elevate standards, and expand the industry's reach to the over 100 million Nigerians currently without insurance policies. "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 concluded.

“

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.