Yemisi Izuora
The incoming Chairman of the Nigerian Insurers Association (NIA) Mrs. Ebelechukwu Nwachukwu, has listed priority areas of concentration that will help her tenure achieve significant progress towards expanding insurance industry growth.
Her tenure will witness tremendous success especially in giving insurance a new generation of recognition through measured tripod growth initiatives.
In a pre-investiture media engagement in Lagos on Tuesday, Nwachukwu, said her tenure will be defined by collaboration, not competition; by deepening public understanding, not industry jargon; and by building bridges across the entire financial services landscape.
She said she is coming at a moment of profound transformation for Nigerian insurance, driven by the Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu in July 2025.
“With the advent of the new Insurance Act, we are entering a transformative era – one that demands higher standards of governance, stronger capitalization, improved consumer protection, and deeper market penetration.
“This legislation presents us with a unique opportunity to rebuild trust, strengthen resilience, and reposition insurance as a vital engine of economic stability.
“This Act is the most comprehensive reform of our industry in living memory. It consolidates outdated laws and introduces a modern framework built on Risk-Based Capital and significantly higher Minimum Capital Requirements (MCR).
“The deadline for compliance is the end of July 2026 – meaning that as I take the helm of the NIA, the industry will be in the final, critical weeks of this recapitalization exercise.” she said.
Her leadership, will focus on three key areas that directly reflect the
Association’s mandate and will ensure that the new Act delivers real, lasting benefits.
Nwachukwu, who is also the MD/CE, Rex Insurance Limited said she will begin by deepening Insurance Penetration through Collaboration.
This is no longer rhetorics because she recalled that “We have long spoken about our low penetration rate. The new Act gives us the capital strength to innovate. But capital alone is not enough. We need partnerships – with banks, fintechs, microfinance institutions, and even non-financial platforms.”
The second leg of her journey is “to create a better understanding of insurance by all sections of the community.” as trust deficits exist largely because people do not understand what insurance truly offers.
Therefore she will focus on one thing: 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. Because when people understand insurance, they trust it.
She believes that when they trust it, they buy it.
Thirdly, she will sustain Advising Government and Assisting Members with Compliance.
She noted that NIA has a statutory responsibility to advise government on insurance-related legislation and to assist members in complying with regulations. With the new Act’s implementation, this role becomes critical.
So she will ensure that the NIA serves as a credible, constructive partner to regulators, providing technical input, flagging implementation challenges, and advocating for policies that support a healthy, competitive industry.
Making further commitment, she said that as the industry evolves under the new Insurance Act, the new focus must be clear and will include collaboration with banks, fintechs, and other financial institutions to expand distribution;
She will also ensure better understanding of insurance among the Nigerian public through sustained programmes to drive enlightenment, enforcement and insurance adoption by both the private and public sector;
She also intends to maintain stronger industry standards and compliance support for our members while also expanding access that brings insurance closer to every Nigerian, urban and rural alike.
Nwachukwu noted that the presence of the MD/CE of Fidelity Bank as Chairman of my investiture is a deliberate signal because she intends to pursue strategic alliances with banks and other financial institutions to distribute insurance products, leverage digital channels, and reach the millions of Nigerians and small businesses that have been left out. “This is how we will move insurance from a niche product to a mass market essential.”As a media friendly Chairman, Nwachukwu said, “To the media – you are the bridge between our industry and the Nigerian public. I ask you to help us tell a new story: not of complexity and fine print, but of protection, partnership, and
progress. I invite you to join us on July 3, 2026, to witness the investiture. More importantly, I invite you to walk with us in the months ahead as we implement the new Insurance Act, deepen collaboration with banks and financial institutions, and build an insurance sector that all Nigerians can trust, because they finally understand it, and because we have earned that trust.”