Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance at the National Insurance Commission (NAICOM), has called upon the Nigerian Insurers Association (NIA) to spearhead efforts in restoring public faith in the insurance sector. This directive was delivered during the investiture of Mrs. Ebelechukwu Nwachukwu as the 27th Chairperson of the NIA in Lagos. Nwachukwu’s appointment is notable as she becomes the first female leader in the association’s history.
Omosehin highlighted the significance of this leadership transition, noting the recent enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the upcoming deadline for the recapitalization process on July 31, 2026. He stressed that with the legal and capital foundations now in place, the industry must focus on growth.
The Commissioner outlined three primary directives for the NIA: improving trust through superior claims settlement processes, enforcing compulsory insurance compliance in collaboration with government authorities, and fostering innovation in digital services, microinsurance, and Takaful to increase market penetration. NAICOM remains dedicated to risk-based supervision and enhanced consumer protection. Finally, Omosehin urged Nwachukwu to expand the industry’s reach to the millions of Nigerians currently without insurance coverage.
