“Moving insurance from potential to performance” — Nwachukwu outlines bold vision for industry
L-R: Managing Director, Leadway Assurance Company Limited, Mr. Gboyega Lesi; Managing Director/CEO, Veritas Kapital Assurance Plc, Dr. Adaobi; Managing Director, AIICO Insurance Plc, Mr. Babatunde Fajemirokun; New Chairman, Nigerian Insurers Association (NIA), Mrs. Ebelechukwu B. Nwachukwu; MD/CEO, Heirs Life Assurance (HLA), Mr. Niyi Onifade; Managing Director, Consolidated Hallmark Insurance (CHI) Plc, Mrs. Mary Adeyanju; MD/CEO, Coronation Insurance Plc, Mr. Olamide Olajolo, Managing Director, NEM Insurance Plc, Mr. Andrew Ikekhua
Nike Popoola
The Managing Director of REX Insurance Limited, Mrs. Ebelechukwu B. Nwachukwu, has officially assumed office as the 27th Chairman of the Nigerian Insurers Association (NIA), following her investiture ceremony held on Friday at the Oriental Hotel, Lagos.
The high-profile event attracted key stakeholders across Nigeria’s financial services sector, including industry chieftains, government officials, insurance executives, regulators, and other dignitaries.
Speaking at Nwachukwu’s investiture, the Commissioner for Insurance, Olusegun Ayo Omosehin, described her emergence as the association’s first female chairman as both historic and timely.
He assured the new chairman of NAICOM’s support while pledging strict supervision to strengthen consumer protection and market confidence.
Omosehin said the industry was entering a critical phase following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the ongoing recapitalisation exercise.
He noted that the July 31, 2026 recapitalisation deadline would produce stronger, better-capitalised insurers capable of supporting Nigeria’s aspiration of becoming a $1 trillion economy by 2030.
The commissioner urged the NIA to champion prompt claims settlement, improve compliance with compulsory insurance laws, and accelerate digital innovation through products such as microinsurance, Takaful and agricultural risk covers.
In her inaugural address, Nwachukwu unveiled her leadership theme, “Moving Insurance from Potential to Performance,” setting an ambitious agenda aimed at repositioning Nigeria’s insurance industry into a more trusted, high-performing, and self-regulating sector.
She pledged to focus her tenure on strengthening market confidence, expanding insurance penetration, and enhancing technical capacity across the industry.
According to her, Nigeria’s insurance sector must urgently transition from a low-penetration, low-trust environment into one defined by accessibility, discipline, and strong professional standards.
“This transformation must be anchored on deeper technical expertise, improved market conduct, and strengthened industry discipline,” she said.
A major highlight of her speech was the Insurance Industry Reform Act (NIIRA) 2025, which she described as a landmark legislation introducing risk-based capital requirements, enhanced digital compliance systems, and stricter supervisory frameworks.
Nwachukwu also stressed the need for stronger collaboration among key stakeholders, including reinsurers, brokers, agents, and regulators such as the National Insurance Commission (NAICOM). She urged deeper engagement across the value chain to reinforce trust and accelerate ongoing reforms.
She further highlighted the growing importance of bancassurance and partnerships with the banking and wider financial services sector, noting that such alliances would play a critical role in expanding access and transforming insurance into a mass-market necessity.
Reaffirming her commitment, she pledged to lead the association with integrity, courage, and accountability, while prioritising measurable industry-wide progress. She also called on civil society and the media to support efforts aimed at strengthening transparency and accountability within the sector.
