Economy
THE incoming Chairman of the Nigerian Insurers Association (NIA), Mrs Ebelechukwu Nwachukwu, says her administration will focus on deepening insurance penetration, strengthening public trust and fostering more collaboration across the financial services sector.
Nwachukwu, the Managing Director of Rex Insurance Ltd., said this on Tuesday during a pre-investiture news conference in Lagos ahead of her inauguration on July 3 as the 27th Chairman of the association.
She said her vision aligns with the NIA’s mandate and is aimed at ensuring that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 delivers lasting benefits to the industry and the wider economy.
According to her, her administration will prioritise deepening insurance penetration through collaboration, improving public understanding of insurance and supporting effective implementation of industry regulations.
“My tenure will focus on making insurance understandable to every Nigerian.
“We will simplify claims, clarify policy language and share real stories of insurance at work, protecting families and businesses.
“When people understand insurance, they trust it. And when they trust it, they buy it,” she said.
Nwachukwu said NIA would continue to play its statutory role of advising the government on insurance-related legislation and supporting members to comply with regulations.
She pledged to position the association as a credible and constructive partner to regulators by providing technical input, identifying implementation challenges and advocating policies that support a healthy and competitive industry.
The incoming NIA chairman reaffirmed her commitment to expanding insurance access across urban and rural communities through collaboration, public enlightenment and stronger industry standards.
She also called on the media to support efforts aimed at improving public perception of insurance and raising awareness of its role in protecting lives and businesses.
Nwachukwu urged journalists to join the industry in promoting the implementation of the new Insurance Act and building a more inclusive and resilient insurance sector.
She said the investiture ceremony would be chaired by the Managing Director of Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, noting that the choice reflects the growing collaboration between the banking and insurance industries.
According to her, fostering stronger partnerships across the financial services sector will be one of the key pillars of her administration.
Also, Chairman of the Publicity Committee of the Investiture Local Organising Committee, Mr Olamide Olajolo, said the association would prioritise capacity building through training programmes and partnerships with leading insurance firms and brokers abroad.
Olajolo, who is also the Managing Director of Coronation Insurance, said the initiative would expose Nigerian insurance professionals to global best practices and equip them with the technical expertise required to underwrite complex risks.
He said the move had become necessary because of the industry’s shortage of technical expertise, which had resulted in many complex risks being assessed and priced outside the country.
According to him, a significant proportion of premiums from specialised risks, such as cyber insurance and energy-related businesses, currently flows out of Nigeria due to limited local capacity.
“There will be significant investments in capacity building, not only in underwriting but also in investment management, to ensure that operators maximise returns and strengthen their portfolios,” he said.
Meanwhile, Chairman of the Investiture Local Organising Committee, Mr Babatunde Fajemirokun, said the association would focus on improving the use of industry data to support policy formulation and provide informed advice to the government.
Fajemirokun, also the Managing Director of AIICO Insurance, said NIA would play a more active role in engaging regulators and policymakers by providing professional input on policies and frameworks affecting the insurance sector.
He described Nwachukwu’s emergence as historic and inspiring, noting that it reflects the depth of talent, professionalism and leadership capacity within the Nigerian insurance industry.
Fajemirokun expressed confidence that her tenure would build on the achievements of previous leadership and advance the association’s priorities of strengthening public trust.
Others, she added, would include deepening insurance penetration, enhancing regulatory engagement, promoting innovation and driving industry growth. (NAN)
Tags: insurance