The National Insurance Commission (NAICOM) has charged the new chairman of the Nigerian Insurers Association (NIA), Ebelechukwu Nwachukwu, to unite the insurance market, restore public confidence in insurance and drive deeper penetration as the industry enters a defining phase of transformation.
Olusegun Omosehin, commissioner for Insurance/CEO NAICOM speaking at the investiture of Nwachukwu as the 27th chairman and the first female to occupy that position at NIA held in Lagos said the insurance industry now has the legal and regulatory framework needed for sustainable growth and requires strong industry leadership to translate reforms into tangible benefits for Nigerians.
Describing Nwachukwu’s emergence as both “historic and timely,” the commissioner said her decades of leadership experience and technical expertise would be critical as the industry implements the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and concludes its ongoing recapitalisation exercise.
“Today the insurance industry is no longer an industry seeking relevance. We are an industry executing relevance. And your investiture today signals the resolve of operators to lead that execution,” Omosehin said.
He noted that the NIIRA 2025, signed into law a year ago, has provided the industry with a modern legal framework through the establishment of the Policyholders Protection Fund, statutory risk-based supervision and stronger consumer protection measures designed to rebuild confidence in insurance.
