“Moving insurance from potential to performance” — Nwachukwu outlines bold vision for industry
4th from the left: New Chairman, Nigerian Insurers Association (NIA), Mrs. Ebelechukwu B. Nwachukwu
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.
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. She noted that the reform also raises minimum capital thresholds and seeks to address long-standing challenges such as delayed claims settlement, weak insurance penetration, and undercapitalisation.
With full compliance scheduled for July 2026, she described the period as “a defining moment” for the industry, one that will shape the future of risk management and financial stability in Nigeria.
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.
In closing, she expressed gratitude to industry leaders, regulators, sponsors, her family, and mentors for their support, describing them as instrumental to her professional journey. She called on all stakeholders to remain committed to building a resilient, trusted, and globally competitive insurance industry for Nigeria.
