NIA sets 2026 agenda, promises recapitalisation support for insurers
Chairman of the Nigerian Insurers Association (NIA), Mr Kunle Ahmed
Nike Popoola
The Chairman of the Nigerian Insurers Association (NIA), Mr Kunle Ahmed, has called on chief executive officers of insurance companies to deepen collaboration and commitment to the effective implementation of the Nigeria Insurance Industry Reform Act (NIIRA) as the industry enters 2026.
Ahmed made the call in his New Year message to chief executives of NIA member companies, obtained by Dailyeconomy today, where he commended industry leaders for their resilience, client-focused approach and collective efforts that drove notable progress in 2025.
According to him, the past year was a transformative period for the Association and the Nigerian insurance sector, marked by initiatives that expanded the market, strengthened public confidence and improved stakeholder engagement.
He highlighted key milestones recorded by the Association, including the launch of the NIA Innovation Lab, sustained advocacy for compulsory insurance policies, and continuous engagements with the industry regulator that led to improvements in regulatory circulars.
The NIA chairman also noted that the Association intensified engagements with the National Assembly, the Economic and Financial Crimes Commission (EFCC), and sister professional bodies to help create a more enabling business environment for insurers.
Ahmed said the Association revamped its media strategy to amplify the industry’s voice and sustained capacity-building programmes aimed at preparing insurance professionals for an evolving marketplace.
He disclosed that with the support of Africa Re Foundation, the NIA commenced the development of a Mortality Rate Table for Nigeria, a project expected to significantly enhance pricing accuracy and long-term sustainability in the life insurance segment.
Reflecting on regulatory developments, Ahmed described the signing of the Nigeria Insurance Industry Reform Act (NIIRA) into law in 2025 as a major turning point for the industry, noting that the focus in 2026 would be on effective implementation.
“As 2026 begins, our priority is the effective implementation of the Act through close collaboration among insurance companies, regulators and key stakeholders,” he said.
He added that the NIA would continue to support members through advocacy, guidance and capacity-building initiatives, while also planning to establish a recapitalisation help desk to assist companies during the transition period.
Ahmed expressed confidence that with cooperation, transparency and shared responsibility, the industry would consolidate the gains of 2025 and usher in a new era of growth and increased public trust.
He also used the occasion to mourn the passing of the former Managing Director and Chief Executive Officer of STACO Insurance Plc, Dr Wale Banmore, who died on December 27, 2025.
On behalf of the Association, he extended condolences to the board, management and staff of STACO Insurance Plc, describing the late Banmore as a distinguished industry leader whose contributions to insurance practice would be fondly remembered.
Ahmed thanked industry leaders for their dedication and expressed optimism for deeper collaboration and sustained growth in 2026.
