Incoming NIA Chairman Presents Three‑Part Plan to Strengthen the Market

By Rosemary Iwunze

Mrs. Ebelechukwu Nwachukwu, the incoming Chairman of the Nigerian Insurers Association (NIA), presented a comprehensive strategy focused on collaboration, public trust, and regulatory compliance during a pre-investiture press conference in Lagos. She, who is also the Managing Director of REX Insurance Company Limited, emphasized her goal of transforming insurance from a niche product into a mass‑market necessity.

“I do not come to office at an ordinary time. With the advent of the new Insurance Act, we are entering a transformative era—one that demands higher standards of governance, stronger capitalisation, improved consumer protection, and deeper market penetration,” Nwachukwu said.

She outlined three key priorities that align with the NIA’s core mandate: Deepening Penetration via Strategic Alliances; Rebuilding Public Trust through Simplification; and Executive Compliance and Regulatory Advocacy.

Recognising Nigeria’s historically low insurance penetration, Nwachukwu stressed that capital injections alone will not drive growth. “The NIA plans to actively pursue alliances with banks, fintechs, microfinance institutions, and non‑financial retail platforms to bridge access gaps,” she added. “We will leverage digital distribution channels to reach millions of underserved Nigerians and micro‑businesses.”

Regarding the second priority, “Rebuilding Public Trust through Simplification,” she pledged to demystify insurance by launching extensive enlightenment and enforcement initiatives across both private and public sectors.

Her third focus, “Executive Compliance and Regulatory Advocacy,” will see the NIA working closely with regulatory authorities as the critical recapitalisation deadline approaches. “With the recapitalisation deadline weeks away, the NIA under my leadership will serve as a constructive partner to regulatory authorities,” she said.

Nwachukwu reaffirmed her commitment to guiding the association toward unity and shared progress rather than competition. “My chairmanship will be defined by collaboration, not competition; by deepening public understanding, not industry jargon; and by building bridges across the entire financial services landscape,” she stated.

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