Nigeria’s insurance industry is set for a renewed push to improve public confidence, strengthen professional standards and expand insurance adoption following the unveiling of a reform agenda by Ebelechukwu B. Nwachukwu, the newly inaugurated chairman of the Nigerian Insurers Association (NIA).
Nwachukwu, who becomes the first woman to lead the 55-year-old umbrella body as its 27th chairman, said her administration would pursue an ambitious programme designed to reposition the industry from “potential to performance” through a three-pronged strategy centred on Awareness, Capacity Building and Enforcement (ACE).
Speaking during her investiture ceremony, she described her emergence as both a historic milestone and a responsibility to drive meaningful change within an industry that continues to grapple with low insurance penetration despite its significant growth potential.
Nwachukwu described the ACE Agenda as a practical blueprint for transforming Nigeria’s insurance industry, saying the strategy is designed to expand the market, strengthen professional competence and rebuild public trust in insurance.
“The ACE Agenda is more than a slogan. It is a practical roadmap. Awareness expands the market. Capacity creates and strengthens professionals. Enforcement builds trust. Together, these pillars will create a Nigerian insurance industry that is resilient, respected and rewarding for all,” she said.
She explained that her administration would pursue the agenda by driving wider public awareness of insurance, strengthening technical and professional capacity across the industry and working with regulators and other stakeholders to improve compliance with compulsory insurance laws.
According to her, the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) provides the sector with a modern regulatory framework founded on risk-based capital, stronger corporate governance, digital transformation and more effective enforcement, creating an opportunity to reposition insurance as a stronger contributor to Nigeria’s economic development.
The first pillar of the agenda, she said, will focus on expanding public awareness and translating greater understanding of insurance into increased policy uptake across the country.
To achieve this, Nwachukwu called on insurers, brokers, agents, InsurTech firms and marketers to work together on coordinated nationwide campaigns that simplify insurance products, improve public understanding and demonstrate the industry’s value through prompt claims settlement.
“Every paid claim is a testimony. Every testimony grows our market,” she said, adding that insurers must extend their reach to underserved communities where insurance penetration remains low.
On capacity building, the NIA chairman urged operators to strengthen competencies in underwriting, actuarial science, risk management and digital innovation, noting that a stronger talent base would position Nigerian insurers as trusted advisers to businesses, governments and households.
She said the industry must continue investing in its people to ensure insurance professionals possess the technical expertise required to compete in an increasingly sophisticated financial services environment.
Turning to enforcement, Nwachukwu identified compliance with compulsory insurance laws as a critical pillar of her administration, pledging to work closely with regulators and other stakeholders to improve enforcement while encouraging wider adoption of insurance products among individuals and businesses.
She emphasised that sustainable growth would require stronger collaboration across the insurance value chain, urging insurers to uphold high standards of professionalism, brokers and agents to maintain ethical business practices, reinsurers to strengthen underwriting capacity and the media to continue promoting transparency and accountability within the industry.
The new NIA chairman also advocated closer partnerships between insurers and financial institutions, arguing that collaboration with banks, fintech companies and microfinance institutions would significantly improve insurance distribution through digital platforms and bancassurance.
According to her, while the new Insurance Act provides the financial strength needed for innovation and expansion, long-term growth will depend on strategic partnerships capable of delivering insurance products to millions of underserved Nigerians.
“Insurance is not your competitor. Insurance is your complement. When your customers are protected, your loans are secured. When your clients are resilient, your portfolios are stable. Let us build together,” she said in an appeal to the banking industry.
She also called for deeper engagement with the oil and gas sector, noting that Nigerian insurers possess the technical expertise and underwriting capacity required to protect critical national infrastructure and industrial assets.
Reaffirming her commitment to leading the Association with integrity, courage and accountability, Nwachukwu urged stakeholders across the insurance ecosystem to embrace collective responsibility in driving the industry’s transformation and unlocking its full potential.
