The Chairman of the Nigerian Insurers Association (NIA), Mrs. Ebelechukwu B. Nwachukwu, has called on insurance operators to leverage the industry’s strengthened capital base to expand underwriting capacity, drive innovation, deepen insurance penetration and strengthen public confidence in the sector.
Nwachukwu made the call at the BusinessDay Insurance Conference 2026, held recently at Oriental Hotel, Victoria Island, Lagos, with the theme: “From Capital to Capacity: Driving Growth, Innovation, and Trust in Nigeria’s Insurance Sector.”
Speaking on the industry’s post-recapitalisation outlook, the NIA Chairman noted that the successful recapitalisation of 50 insurance and reinsurance companies, with a combined capital base exceeding ₦1.079 trillion, marked a significant milestone in strengthening the financial resilience and competitiveness of Nigeria’s insurance industry.
She described the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a landmark legislative intervention that provides a modern regulatory framework for sustainable growth, improved consumer protection and enhanced industry performance. She also commended the National Insurance Commission (NAICOM) for its regulatory leadership throughout the recapitalisation process.
While acknowledging the industry’s improved financial strength, Nwachukwu emphasised that recapitalisation must translate into tangible benefits for policyholders and the wider economy, including increased capacity to underwrite complex risks, prompt and fair claims settlement, improved customer experience and broader access to insurance services.
“Capital is not the destination. It is the foundation. The real question before us is whether the public will see the difference,” she stated.
The NIA Chairman further identified digital transformation, Insurtech, innovative product development and technology-driven distribution as critical enablers of insurance penetration and financial inclusion, particularly among underserved individuals and businesses.
She stressed that rebuilding public trust through transparency, professionalism, efficient service delivery and prompt claims settlement remained fundamental to the industry’s long-term growth.
“Trust is earned one claim at a time, and it is the surest route to deeper penetration,” she remarked.
Reaffirming the Association’s commitment to advancing the industry’s post-recapitalisation agenda, Nwachukwu stated that the NIA would continue to strengthen advocacy, regulatory collaboration, capacity building and innovation to ensure that the benefits of the reforms translate into measurable improvements in industry performance.
She also called for greater collaboration among regulators, insurers, reinsurers, brokers, investors, technology providers and other stakeholders to position the insurance industry as a stronger contributor to Nigeria’s economic growth and development.
The conference brought together key industry stakeholders to explore strategies for transforming the sector’s enhanced financial strength into sustainable growth, innovation and increased public confidence.
