L-R: Mrs. Bola Odukale, Director General, Nigerian Insurers Association (NIA); Mr. Babatunde Fajemirokun, Managing Director/CEO, AIICO Insurance Plc, Chairman, Investiture Organising Committee; Mrs. Ebelechukwu Nwachukwu, Managing Director/CEO, Rex Insurance Limited and incoming Chairman, NIA; Mr. Olamide Olajolo, Managing Director/CEO, Coronation Insurance Plc and Chairman, Investiture Publicity Committee and Mr. Lanre Ojuola, Director of Operations, NIA, during the pre-investiture press conference held at the NIA House, Victoria Island, Lagos.
Mrs. Ebelechukwu Nwachukwu, the Chairman-Elect of the Nigerian Insurers Association (NIA) has unveiled her three-point agenda designed to spur sustainable growth of the insurance industry during her tenure in office.
At a media engagement yesterday in Lagos, Nwachukwu, who is also the Managing Director/CEO of REX Insurance Company Limited, named insurance penetration, creation of better insurance understanding and partnership with government institutions as her priority areas:
- First: Deepening Insurance Penetration through Collaboration
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 presence of the MD/CE of Fidelity Bank as Chairman of my investiture is a deliberate signal: I will 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.
- Second: Creating a Better Understanding of Insurance
One of the NIA’s clearest objectives is “to create a better understanding of insurance by all sections of the community.” Trust deficits exist largely because people do not understand what insurance truly offers. My tenure 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. And when they trust it, they buy it.
- Third: Advising Government and Assisting Members with Compliance
The 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. I 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.
A Renewed Commitment
As the industry evolves under the new Insurance Act, our focus must be clear:
- Collaboration with banks, fintechs and other financial institutions to expand distribution;
- 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;
- Stronger industry standards and compliance support for our members;
- Expanded access that brings insurance closer to every Nigerian, urban and rural alike.
