NAICOM Tasks New NIA Boss on Trust and 100M Uninsured
By Patience Ikpeme
The National Insurance Commission (NAICOM) has given the newly appointed leader of the Nigerian Insurers Association (NIA) a major task: to rebuild public trust and bring insurance services to over 100 million Nigerians who currently do not have any form of insurance cover.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, gave this challenge in Abuja during the official swearing-in ceremony of Mrs. Ebelechukwu B. Nwachukwu as the 27th Chairman of the NIA.
This appointment marks a significant milestone for the aviation and financial sectors, as Mrs. Nwachukwu becomes the first woman to lead the association since its creation.
Speaking at the event, Mr. Omosehin explained that the Nigerian insurance sector has entered a critical stage of growth, especially with the introduction of the new Nigerian Insurance Industry Reform Act (NIIRA 2025) and the ongoing recapitalisation process, which requires insurance companies to increase their financial backup by July 31, 2026.
“The Nigerian insurance industry stands at a defining inflection point. The laws have changed. The capital base is changing. Now we must transform how we serve the Nigerian people,” the Commissioner said. He added that the foundation for a better industry has already been laid, noting that NIIRA 2025 has provided a strong legal setup while the recapitalisation exercise is creating stronger financial institutions. He stated that it is now time for the new leadership to build on these achievements.
To achieve this goal, the NAICOM boss told the new Chairman to focus on three major areas. First, she must lead the industry to gain back the confidence of ordinary Nigerians by making sure companies pay insurance claims quickly and excellently. He advised companies to publish how well they pay claims and focus on giving good service to customers.
Second, the Commissioner tasked the new leadership to work closely with state governments and the police to enforce the six types of compulsory insurance across the country. Third, he urged the association to use modern technology, mobile apps, small-scale insurance designs (microinsurance), Islamic insurance (Takaful), and climate-related insurance policies to help increase insurance usage in Nigeria beyond the current low rate of less than one percent.
Mr. Omosehin challenged the new Chairman to “Unite the market, Raise the bar, and Expand the pie” by focusing heavily on the millions of citizens who have never bought an insurance policy before.
The Commissioner also praised the outgone Chairman, Mr. Kunle Ahmed, for his good work and for supporting NAICOM during the time the government was passing the new 2025 insurance law.
While promising that NAICOM will give full support to Mrs. Nwachukwu to help her succeed in her new role, Mr. Omosehin stated that the commission will strictly monitor the financial risks of companies, ensure proper business behavior, and protect the rights of everyday consumers under the new law.
