Incoming NIA Chairman Targets Increased Insurance Penetration, Better Understanding Of Insurance

By Sola Alabadan

As arrangements are being concluded to invest Mrs. Ebelechukwu Nwachukwu, the
Managing Director of Rex Insurance Limited as the 27th Chairman of the Nigerian Insurers Association (NIA) on Friday, July 3, 2026 in Lagos, she has informed that her tenure would focus on increasing the level of insurance penetration in the country, as well as creating a better understanding of insurance, among others.
Mrs. Nwachukwu, who addressed journalists on Tuesday in Lagos, affirmed that “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 that “Under my leadership, the NIA will focus on three key areas that directly reflect our Association’s mandate and will ensure that the Nigeria Insurance Industry Reform Act (NIIRA) 2025 delivers real, lasting benefits.”
Speaking on the need to deepen the level of insurance penetration, she said even though the new Act gives insurers the capital strength to innovate, and added that capital alone is not enough. She therefore pointed out that the insurance industry needs partnerships – with banks, fintechs, microfinance institutions, and even non-financial platforms.
“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 assured.
In spite of the fact that the NIA has as one of its objectives “to create a better understanding of insurance by all sections of the community” she pointed out that trust deficits exist largely because people do not understand
what insurance truly offers.
To address this, she said that her tenure would focus on making insurance understandable to every Nigerian, by simplifying claims, clarifying policy language, and sharing real stories of insurance at work, protecting families and businesses.
As the NIA has a statutory responsibility to advise government on insurance-related legislation and to assist members in complying with regulations, she said that with the new Act’s implementation, this role becomes critical.
She added that “I will ensure that the NIA serves as a credible, constructive partner to regulators, providing technical input, flagging implementation challenges, and advocating for policies that support a healthy, competitive industry”.
With the advent of the new Insurance Act, she emphasised that the insurance industry is entering a transformative era – one that demands higher standards of governance, stronger capitalisation, improved consumer protection, and deeper market penetration.
She maintained that this legislation presents the insurance industry with a unique opportunity to rebuild trust, strengthen resilience, and reposition insurance as a vital engine of economic stability.