The National Insurance Commission has urged the newly inaugurated leadership of the Nigerian Insurers Association to place greater emphasis on speedy claims settlement, stronger market discipline, and accelerated digital transformation as part of efforts to expand the insurance sector’s contribution to Nigeria’s economy.
The Punch reported that the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, gave the charge in Lagos during the investiture of Mrs Ebelechukwu Nwachukwu as the 27th Chairperson of the NIA.
Nwachukwu, the Managing Director of Rex Insurance Limited, became the first woman to head the association since its establishment 55 years ago.
Congratulating the new chairperson, Omosehin expressed confidence in her ability to strengthen professionalism and drive sustainable growth across the industry.
He, however, stressed that restoring public confidence would depend largely on transparency and improved customer experience.
He said, “Every claim paid, every policy clearly explained and every customer treated fairly adds to the strength of the industry. My charge to the NIA is to make claims experience a market-wide priority. Let us publish our claims record. Let us compete on service. Let Nigerians feel the impact of insurance.”
Omosehin also urged the association to intensify support for the enforcement of compulsory insurance, saying stronger compliance would enhance consumer protection and reinforce confidence in the sector.
He further encouraged insurers to embrace technology to simplify access to insurance products and improve customer engagement.
The NAICOM boss also acknowledged the contributions of the immediate past NIA Chairman, Mr Kunle Ahmed, applauding his role in advancing the Nigerian Insurance Industry Reform Act 2025, which he described as a milestone in the industry’s regulatory evolution.
Representing the Governor of Lagos State, Mr Babajide Sanwo-Olu, the state’s Commissioner for Finance, Abayomi Oluyomi, said a vibrant insurance industry is essential to creating an environment where individuals and businesses can confidently invest and plan for the future.
According to the governor, insurance remains a critical pillar of economic stability because it safeguards lives, investments, and businesses against unexpected risks.
He congratulated Nwachukwu on her emergence, describing her appointment as recognition of her years of dedication, professionalism, and exemplary leadership.
Sanwo-Olu also commended Ahmed and the outgoing governing council for steering the association through a period of significant reforms.
The governor challenged the new leadership to expand insurance adoption among households and small businesses, strengthen public confidence through improved service delivery, and position insurance as a vital component of national economic development.
He added that the Lagos State Government would continue to collaborate with the NIA, NAICOM, and other stakeholders to improve compliance with insurance regulations that promote public interest and sustainable growth.
In her acceptance speech, Nwachukwu pledged to reposition Nigeria’s insurance industry from a fragmented, low-penetration, and low-trust market into a united, self-regulating sector that contributes more significantly to the nation’s economy.
She called on insurers, brokers, agents, reinsurers, and insurtech companies to move beyond isolated initiatives by embracing collaborative strategies that would make insurance more relevant to millions of underserved Nigerians.
“The journey continues. Let’s turn vision into results as we move Insurance from Potential to Performance,” Nwachukwu declared.
To achieve her vision, she unveiled the A.C.E Agenda, a three-point strategy focused on awareness, capacity building, and enforcement.
Under the awareness pillar, she said the association would simplify insurance communication by eliminating technical language and implementing coordinated campaigns aligned with NAICOM’s financial literacy objectives to rebuild public trust.
She explained that the capacity-building initiative would strengthen professional development, actuarial expertise, risk management, and digital capabilities, while the enforcement pillar would promote high professional standards, regulatory compliance, and stricter implementation of compulsory insurance.
Highlighting the importance of efficient claims settlement, Nwachukwu said the industry’s credibility rests on its ability to deliver on its promises.
She noted, “Let us replace jargon with clarity. Let us replace fear with proof. When we pay claims quickly and fairly, we do not just satisfy a customer. Every paid claim is a testimony. Every testimony grows our market.”
Speaking in an exclusive interview with The PUNCH, Chairman of the Local Organising Committee for the investiture, Mr Babatunde Fajemirokun, described the new chairperson as an experienced professional and institution builder, adding that it was a privilege to work with the team that organised the landmark event.
Fajemirokun admitted that retail insurance in Nigeria has faced persistent challenges, particularly the difficulties consumers encounter when purchasing policies directly without intermediaries.
He disclosed that the NIA would soon roll out a campaign focused on prompt claims settlement to tackle low insurance penetration in the retail market, noting that the association would work closely with member companies to ensure compliance with agreed standards.
Omosehin reaffirmed NAICOM’s commitment to supporting the new executive, stating that the commission would continue to uphold strong regulatory oversight while partnering with the association to build a resilient, technology-driven, and trusted insurance industry capable of supporting Nigeria’s aspiration of becoming a trillion-dollar economy.
