By Bisi Bamishe
The incoming 27th Chairman of tNigerian Insurers Association (NIA) Mrs. Ebelechukwu Nwachukwu, Managing Director of Rex Insurance Limited, has outlined key priorities for her tenure.
Addressing journalists in Lagos on Tuesday, Mrs. Nwachukwu said her leadership would be driven by collaboration, inclusiveness, and strategic partnerships aimed at advancing the growth and relevance of the insurance industry.
“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.
According to her, the Association under her leadership will focus on three critical areas that align with the NIA’s mandate and ensure that the Nigeria Insurance Industry Reform Act (NIIRA) 2025 delivers sustainable benefits to the industry and the economy.
Speaking on insurance penetration, Mrs. Nwachukwu noted that while the new Act has strengthened the industry’s capital base and capacity for innovation, capital alone would not guarantee growth.
She stressed the need for strategic partnerships with banks, fintechs, microfinance institutions, and non-financial platforms to expand insurance access to millions of underserved Nigerians and small businesses.
“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,” she said.
Mrs. Nwachukwu also acknowledged that despite the NIA’s objective of promoting a better understanding of insurance among all segments of society, trust deficits persist largely because many people do not fully understand the value and benefits of insurance.
To address this challenge, she pledged to focus on simplifying claims processes, clarifying policy language, and sharing real-life stories that demonstrate how insurance protects families, businesses, and livelihoods.
On recapitalisation, she stated that as the industry works toward meeting the July 2026 deadline established under the Nigeria Insurance Industry Reform Act NIIRA 2025, NIA would play a pivotal role in supporting member companies through the final stages of compliance.
She called on the media to collaborate with the Association in deepening public awareness of insurance and improving perceptions of the industry.
“The media remains the bridge between the insurance industry and the Nigerian public. We look forward to working together to tell a new story of protection, partnership and progress,” she said.
