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NIA Advocates Continuous Insurance Awareness To Grow Industry

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The Director General of Nigerian Insurers Association (NIA), Mrs. Bola Odukale has advocated continuous insurance awareness creation across the country to eliminate the prevailing negative perception about insurance and grow the industry.

Odukale made this call when the executive members of the Nigerian Association of Insurance and Pension Editors (NAIPE) paid a courtesy visit to her in Lagos.

According to her, insurance practitioners must always put themselves in the face of the people through collaboration with the media.

She said: “Image making is part of the business of insurance especially for an industry like ours that everybody claims much of the time that they don’t know much about. We keep hearing things like ‘we don’t know anything about insurance’ and the feedback is always like everybody seems to lack knowledge of insurance in its entirety. Everybody seems to be in the dark about insurance or what insurance is all about and this has been a recurrent decimal as far as the trajectory of the industry is concerned.

“So what that says to me is that there must be continuous engagement, we must continuously put ourselves in the face of the people. Nobody will say they don’t know what the banks do. Lots of people don’t claim the kind of ignorance about the banking sector like they claim about the insurance sector.

“Hence, the fact remains that the media is part of us and the image maker of the industry. Collectively as an industry, you remain the image maker of our industry. You are a vital part of us as far as this industry is concerned, hence matters with you cannot be taken with levity and I want to assure you that we are going to be working together.”

She added that “What that means is that we still have a lot of work to do and we must continuously ensure that we do the right thing, continuously projecting our industry out there and in a very bright light. I am saying that to re-emphasise the fact that you are key to us, and we are also willing to work together with you.”

While speaking on the third party motor insurance awareness campaign, Odukale said: “The third party awareness is going to be sustained for the long haul because this is not about third party but about insurance. We are bringing insurance awareness closer to the people, even though we are focusing on third party. It is still talking about insurance, letting people know that there is something called insurance. So it is not a conversation that we are just going to end in February, it is something we intend to push further and further.

“Talking about this third party has shown that a lot of awareness creation is required. So we will work with you over the long haul, so that we sustain the tempo.”

She, however, appealed to insurance journalists to collaborate with the industry to project the sector in a positive light and protect the industry.

“A lot of us have prospered from this industry, so it behooves on us to protect the industry in terms of our reporting. When we are doing our balanced reporting, we should ask ourselves, ‘what is the end result? So that at the end of the day if anybody reads anything about the industry, how does it settle in the persons mind. Does it make the person have a better perspective of this industry?”

Meanwhile, the Chairperson of NAIPE, Mrs. Nkechi Naeche-Esezobor while making her presentation charged insurance operators to hold regular briefing with the media to keep the journalists abreast of developments in the industry.

She said: “The NIA can collaborate with the media on awareness creation through quarterly briefings on developments in the sector. Through the quarterly briefings, the media will be aware of developments in the sector and adequately push out the message to the public.”

NAIPE Chairperson also advocated for regular articles on insurance to be published by insurance journalists on their various platforms to spread the message of insurance.

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NAICOM Partners UNDP To Scale Insurance Innovation, Climate Risk Resilience

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The Commissioner for Insurance, Mr. Olusegun Omosehin, received a delegation from the United Nations Development Programme (UNDP) on a courtesy visit to the National Insurance Commission (NAICOM), aimed at deepening collaboration and setting strategic priorities to expand insurance access, enhance market stability, and scale climate and disaster risk solutions across Nigeria.

Speaking during the visit, the UNDP Regional Specialist, Mr. David Mueller, expressed appreciation for the Commission’s leadership and reaffirmed UNDP’s commitment to supporting Nigeria’s insurance sector. He highlighted UNDP’s interest in scaling the Lagos Flood Risk Insurance Model, strengthening systemic capacity, including actuarial development and enabling insurers to mobilize domestic capital for sustainable investment.

The UNDP delegation also pledged continued support for the implementation of ongoing reforms in the Nigerian insurance industry, drawing on lessons learned from previous UNDP supported projects within the sector.

In his response, the Commissioner for Insurance welcomed the UNDP team and expressed gratitude for their sustained support to the Nigerian insurance industry. He outlined five strategic pillars underpinning NAICOM’s reform agenda and reiterated the Commission’s commitment to a transparent recapitalization process, fostering innovation, and creating an enabling environment to significantly enhance insurance penetration in Nigeria.

The Commissioner noted that the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a robust legal framework for strengthening consumer protection, enhancing regulatory capacity, improving financial soundness, promoting innovation and sustainability, and expanding market access and penetration.

He further explained that the ongoing industry recapitalization exercise, with the first phase scheduled to conclude on 31 July 2026, is designed to reinforce the financial stability and resilience of insurance institutions. To support operators, NAICOM has established dedicated support mechanisms, including a Recapitalization Committee, to guide the process.

The Commissioner also affirmed NAICOM’s commitment to institutionalizing Environmental, Social, and Governance (ESG) principles and sustainable insurance practices through the development of an in house NAICOM ESG Framework, building on prior diagnostic work and toolkits developed in collaboration with partners such as FSD Africa and UNDP.

Both parties agreed on the urgent need to rapidly scale actuarial capacity across the insurance industry through coordinated systemic capacity building initiatives, including the GAIN programme and strategic partnerships with actuarial service providers.
The meeting further explored options to revive and advance a national catastrophic insurance scheme, to be implemented collaboratively by NAICOM, UNDP, and relevant disaster management agencies, including the National Emergency Management Agency (NEMA).

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NIA To Honour Past Governing Council Members

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The Nigerian Insurers Association (NIA) has announced plans to honour its past governing council members and director general, in recognition of their invaluable contributions to the growth and development of the association.

This initiative underscores the association’s deep appreciation for the visionary leadership, dedication, and selfless service of those who have steered the affairs of the NIA over the years. Their efforts have laid a solid
foundation for the association’s achievements and strengthened its role as the collective voice of the insurance industry.

The event is scheduled to take place on April 30 in Lagos, under the theme, “Service as the Cornerstone of Leadership and Institutional Legacy.”

Speaking on the significance of the initiative, the Chairman of the NIA, Mr. Kunle Ahmed, noted that honouring past governing council members and director generals is not only a mark of respect, but also a way of preserving the association’s rich legacy.

He said that their guidance and commitment have been instrumental in shaping policies, fostering industry collaboration, and promoting public confidence in insurance as a tool for national development.

Ahmed emphasised that the structures laid down by the past leaders, the values they upheld, and the sacrifices they made continue to resonate in the association’s present achievements.

He said: “Institutions are built over time, but their true strength lies in the people who devote themselves in service.

“This event is our way of pausing to honour those whose leadership and sacrifices created the pathway we now walk. Their legacy is not confined to history—it lives on in every milestone we celebrate today.”

The NIA Chairman further stated that by celebrating the association’s past leaders, the NIA preserves its history, reinforces its values, and set a clear benchmark for future leadership.

According to him, the progress the association enjoy today is firmly anchored in the foresight and dedication of its past leaders.

“Without question, they remain the bedrock of the NIA’s enduring relevance and success, he said.”

The ceremony will bring together industry stakeholders, regulators, and partners to celebrate these distinguished leaders and reaffirm the Association’s commitment to excellence, innovation, and sustainable growth.

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Heirs Insurance Partners United Capital On Self-care, Wealth Event

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Heirs Insurance Group and United Capital Plc, recently hosted the Yoga and Money Meet Up, an exclusive wellness and financial empowerment event for ambitious women.
The event, which held in Lagos, offered a curated experience combining guided yoga and stress management sessions with expert-led conversations on insurance, investment and asset protection. The event reinforced Heirs Insurance Group’s and United Capital’s commitment to making financial wellness relevant and accessible to Nigerian women.
Speaking on the initiative, Ifesinachi Okoli-Okpagu, Chief Marketing Officer at Heirs Insurance Group, underscored the strong link between insurance and wellness. “Self-care is not just about indulgence; it is about making deliberate choices that safeguard one’s physical, mental, and financial well-being – and insurance is fundamental to that. For many women juggling careers, businesses, and family, this event addresses a significant pain-point: how we protect our assets while still juggling life”.
She introduced HerMotor insurance plan, designed for ambitious women who need more than just insurance. The unique product offers comprehensive motor coverage against accidents, fire, theft, and other unforeseen incidents that cause loss to the policyholder’s car. An added benefit is the 24/7 emergency roadside assistance for female car owners during car breakdowns arising from accidents or mechanical faults. The first-of-its-kind solution in the industry is delivered in partnership with AA Rescue, and includes a robust reward programme, where customers can access discounts from spas, wellness programmes, and more.
Dr. Odiri Oginni, Managing Director, United Capital Asset Management, added that the collaboration reflects a shared commitment to women’s empowerment. “Empowerment is at the core of what we do, and co-creating on an initiative that directly addresses the financial realities facing Nigerian women further emphasises this. We recognise that financial independence and personal wellness are deeply interconnected, and by creating opportunities that bring both together, we are reinforcing our commitment to empowering women to confidently pursue and achieve their dreams. This vision informed the creation of our Wealth for Women Fund, which provides women with a secure and accessible avenue to invest smartly and build long-term financial security.”
The Yoga and Money Meet Up reflects a joint vision to empower Nigerian women through financial education and protection.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.
United Capital Plc is a leading Pan-African financial and investment services group providing bespoke, value-added solutions to governments, corporations, and individuals across Africa. With operations in Nigeria, Ghana, and Côte d’Ivoire, and a growing pan-African footprint, the Group leverages technology, specialist expertise, and retail-led platforms such as InvestNow to deliver cutting-edge financial solutions. United Capital has been recognised by the Financial Times as one of Africa’s fastest-growing companies for three consecutive years.

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