Nigeria: 'Insurance Industry Entering Into Transformative Era With Demand for Higher Governance Standards'

By Ebere Nwoji

The in-coming Chairman of the Nigerian Insurers Association (NIA), Mrs Ebelechukwu Nwachukwu, has said that the insurance industry was entering into a transformative era that demanded from insurers higher standards of governance, stronger capitalisation, improved consumer protection, and deeper market penetration.

Nwachukwu, said these were what the Nigeria Insurance Industry Act (NIIRA) had brought along.

"This legislation presents us with a unique opportunity to rebuild trust, strengthen resilience, and reposition insurance as a vital engine of economic stability".

"This Act is the most comprehensive reform of our industry in living memory. It consolidates outdated laws and introduces a modern framework built on Risk-Based Capital and significantly higher minimum capital requirements (MCR)", she observed.

Nwachukwu who is also the Managing Director / Chief Executive Officer REX Insurance Ltd and 27th Chairman of NIA, stated these at a pre-investiture press conference organised recently at the Insurers' House Saka Tinubu Lagos.

Her investiture as 27 th Chairman of NIA has been scheduled for July 3rd with Managing Director /Chief Executive officer Fidelity Bank plc , Dr. Nneka Onyeali- Ikpe, as Chairman and Managing Director AIICO Insurance plc, Mr Babatunde Fajemirokun as the Chairman Investiture Organising Committee.

She said her two year tenure as NIA Chairman would be occupied by three point agenda which she highlighted as deepening insurance penetration through collaboration.

"We have long spoken about our low penetration rate. The new Act gives us the capital strength to innovate. But capital alone is not enough. We need partnerships - with banks, fintechs, microfinance institutions, and even non-financial platforms," Nwachukwu stated.

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