Insurer Vows Stronger Compliance Support, Government Engagement For New Insurance Act

As the industry enters the final weeks of recapitalisation under the Nigeria Insurance Industry Reform Act 2025, the incoming chairman of Nigerian Insurers Association (NIA), Ebelechukwu Nwachukwu said the Association will intensify compliance support for members and strengthen engagement with the government.

She stated that the NIA has a statutory duty to advise on insurance-related legislation and assist operators in meeting new risk-based capital and minimum capital requirements.

Speaking at a pre-investiture press conference held in Lagos, Nwachukwu who is also the managing director of REX Insurance Company Limited said, “her leadership will focus on ensuring the new Act delivers real benefits through stronger standards, expanded access, and policies that support a competitive industry.”

She described her upcoming tenure as a defining moment for the insurance sector, particularly as the industry adjusts to the newly enacted Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Tinubu.

She noted that the reform law introduces far-reaching changes, including risk-based capital frameworks and higher minimum capital requirements, with full compliance expected by July 2026.

According to her, the legislation presents both a challenge and an opportunity to rebuild trust, enhance governance, and reposition insurance as a stronger pillar of Nigeria’s financial system.
Nwachukwu, who will become the 27th Chairman of the association, said her leadership will focus on three core priorities: expanding insurance penetration through strategic partnerships, simplifying public understanding of insurance, and strengthening the NIA’s advisory role to government and regulatory bodies.
She emphasized the importance of collaboration with banks, fintechs, and other financial institutions to broaden access to insurance products, noting that her tenure would pursue deeper synergy across the financial services ecosystem.
The presence of the managing director/CEO of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, as chairman of her investiture ceremony, she said, reflects the growing convergence between banking and insurance sectors.
“Insurance must move from a niche product to a mass-market essential,” she stated, adding that simplifying policy language and improving claims communication would help rebuild public trust.
She also pledged that the association would continue to support government policy direction while assisting members in meeting new compliance obligations under the reform law.
Nwachukwu called on the media to help reshape public perception of insurance by highlighting its role in protecting families and businesses.
Also, the managing director/CEO of Coronation Insurance Plc, and member of the governing council Nigeria insurers association, Mr. Olamide Olajolo, said the industry must focus on building technical capacity alongside capital.
According to him, stronger capital positions would enable insurers to retain more risks within Nigeria rather than ceding them abroad.
He said plans were underway to strengthen underwriting expertise, investment management, risk assessment, and professional training through partnerships with leading international insurance institutions.
The investiture ceremony is scheduled to hold on July 3, 2026, marking a leadership transition at a pivotal time for Nigeria’s insurance industry.