By Rosemary Iwunze
The incoming Chairman of the Nigerian Insurers Association, NIA, Mrs. Ebelechukwu Nwachukwu, has unveiled a strategic blueprint anchored on collaboration, public trust, and regulatory compliance.
Speaking at a pre-investiture press conference in Lagos, Nwachukwu who is the Managing Director of REX Insurance Company Limited said that she also targets transitioning insurance from a niche product into a mass-market essential.
She said: “I do not come to office at an ordinary time. With the advent of the new Insurance Act, we are entering a transformative era—one that demands higher standards of governance, stronger capitalisation, improved consumer protection, and deeper market penetration.”
To ensure the new Act translates into tangible benefits for operators and the public, Nwachukwu outlined three focal points aligned with the NIA’s core mandate: ‘Deepening Penetration via Strategic Alliances; Rebuilding Public Trust through Simplification; as well as Executive Compliance and Regulatory Advocacy.’
Acknowledging Nigeria’s historically low insurance penetration rate, she emphasized that capital injection alone is insufficient to drive growth. “The NIA plans to actively pursue alliances with banks, fintechs, microfinance institutions, and non-financial retail platforms to bridge access gaps.
“Transitioning insurance from a niche product into a mass-market essential. Leveraging digital distribution channels to reach millions of unserved Nigerians and micro-businesses.”
While speaking on the second focus, ‘Rebuilding Public Trust through Simplification,’ the incoming Chairman pledged to demystify insurance by rolling out massive enlightenment and enforcement initiatives across both private and public sectors.
She said that her third focus area would be ‘Executive Compliance and Regulatory Advocacy,’ adding that with the critical recapitalisation deadline weeks away, the NIA under her leadership will serve as a constructive partner to regulatory authorities.
Nwachukwu reaffirmed her commitment to steering the body toward unity and shared progress rather than competition.
“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,” Nwachukwu stated.
