Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, has charged the Nigerian Insurers Association (NIA) to lead the rebuilding of public trust in the insurance industry as the sector enters a new phase of transformation defined by the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the impending conclusion of the recapitalisation exercise. Omosehin gave the charge at the investiture ceremony of Mrs Ebelechukwu Nwachukwu as the 27th Chairman of the NIA, held in Lagos on Tuesday, July 7, 2026.
Nwachukwu, the Managing Director of Rex Insurance Limited, made history as the first woman to lead the association in its 55-year history, a milestone Omosehin described as both historic and timely. "Your emergence is both historic and timely," he said. "Historic, because you bring to this office decades of proven leadership, technical depth, and a reputation for excellence. Timely, because you assume office at a defining phase in the transformation journey of our industry."
The NAICOM boss emphasised that the insurance sector has entered a new era following the signing of NIIRA 2025 by President Bola Tinubu a year ago, which introduced major reforms including the Policyholders Protection Fund and risk-based supervision, while providing the legal framework needed to strengthen public confidence in the industry. He noted that attention is now focused on the July 31, 2026 deadline for recapitalisation, expressing satisfaction with the progress made by insurance firms in meeting the new minimum capital requirements.
"The foundation is set. NIIRA 2025 gave us the legal framework. Recapitalisation is giving us stronger, better capitalised institutions. Now, leadership must build," Omosehin declared. He described the recapitalisation exercise as a critical step toward building capacity, retention, and credibility, noting that many institutions had already met or exceeded the minimum capital requirement, demonstrating the financial strength needed to support the Federal Government's ambition of building a $1 trillion economy by 2030.
However, Omosehin stressed that legislation and recapitalisation alone would not transform the industry without strong leadership from operators. "Our biggest deficit is not capital. It is trust," he declared. "Every claim paid promptly, every policy explained clearly, every customer treated fairly, adds a block to the trust we must rebuild." He outlined three key responsibilities for the NIA under the new leadership: Leadership in Trust, to make claims excellence a market-wide culture by publishing claims ratios and competing on service; Leadership in Enforcement, to ensure compliance with the six classes of compulsory insurance in partnership with state governments and law enforcement agencies; and Leadership in Innovation, to scale digital channels, microinsurance, Takaful, and parametric covers to grow penetration beyond one per cent.
Omosehin also commended the immediate past NIA Chairman, Mr Kunle Ahmed, for his leadership and support during the passage of NIIRA 2025, describing his contributions to the reform process as having laid a solid foundation for the industry's future. He reaffirmed NAICOM's commitment to risk-based supervision, stronger governance, and consumer protection under the new legal framework, and 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.
In her acceptance remarks, Nwachukwu pledged to transform the nation's insurance sector from a low-penetration, fragmented, and low-trust market into a highly collaborative, self-regulating contributor to the national economy. She urged insurers, brokers, agents, reinsurers, and insurtech firms to move away from isolated promotional activities and instead embrace unified, strategic partnerships to turn insurance into an everyday necessity for millions of underserved Nigerians. "The journey continues. Let's turn vision into results as we move insurance from potential to performance," Nwachukwu declared, unveiling her administration's flagship A.C.E Agenda, a three-pronged strategic framework designed to restructure, protect, and grow the marketplace.
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