Yemisi Izuora
Take strong and bold initiative to build public trust in the Insurance industry, the Commissioner for Insurance, National Insurance Commission, NAICOM, Mr. Olusegun Ayo Omosehin, charges Mrs. Ebelechukwu B. Nwachukwu during her investiture ceremony as the 27th Chairman of the NIA today in Abuja.
Omosehin, advised the Association, to lead the rebuilding of public trust in insurance as the industry enters a new phase of transformation.
Nwachukwu is also the first female to lead the Association in its history.
Describing her emergence as “historic and timely,” Mr. Omosehin said the new leadership is coming at a defining phase following the signing of the Nigerian Insurance Industry Reform Act, NIIRA 2025, and the impending close of the recapitalisation exercise on 31st July 2026.
“The foundation is set. NIIRA 2025 gave us the legal framework. Recapitalisation is giving us stronger, better-capitalised institutions. Now, leadership must build,” he stated.
The Commissioner commended the immediate past Chairman, Mr. Kunle Ahmed, for his purposeful leadership and for supporting the Commission during the passage of NIIRA 2025.
He outlined three key responsibilities for the NIA under the new leadership.
This includes leadership in trust, by makimg claims excellence a market-wide culture and to publish claims ratios and compete on service.
The Commissioner also charged her to drive compliance with the six classes of compulsory insurance in partnership with state governments and law enforcement agencies.
In addition she should scale digital channels, microinsurance, Takaful, and parametric covers to grow penetration beyond 1 per cent.
Mr. Omosehin reaffirmed NAICOM’s commitment to risk-based supervision, stronger governance, and consumer protection under NIIRA 2025.
He charged the new Chairman to “Unite the market, Raise the bar, and Expand the pie” by taking insurance to the over 100 million Nigerians who have never owned a policy.
“The Nigerian insurance industry stands at a defining inflection point. The laws have changed. The capital base is changing. Now we must transform how we serve the Nigerian people,” he concluded.
He assured the new NIA Chairman of the Commission’s full support.