Commissioner for Insurance, National Insurance Commission, Mr. Olusegun Ayo Omosehin, has charged the Nigerian Insurers Association, to lead the rebuilding of public trust in insurance as the industry enters a new phase of transformation.

He gave the charge at the Investiture Ceremony of Mrs. Ebelechukwu Nwachukwu as the 27th Chairman of the NIA in Lagos on Tuesday, according to Vanguard.

Nwachukwu is also the first woman to lead the Association in its history.

Describing her emergence as historic and timely, Omosehin said the new leadership is coming at a defining phase following the signing of the Nigerian Insurance Industry Reform Act, NIIRA 2025, and the impending close of the recapitalisation exercise on 31st July 2026.

“The foundation is set. NIIRA 2025 gave us the legal framework. Recapitalisation is giving us stronger, better capitalised institutions. Now, leadership must build,” he stated.

He outlined three key responsibilities for the NIA under the new leadership.

The first is Leadership in Trust, which involves making claims excellence a market-wide culture, publishing claims ratios and competing on service.

The second is Leadership in Enforcement, which covers compliance with the six classes of compulsory insurance in partnership with state governments and law enforcement agencies.

The third is Leadership in Innovation, which entails scaling digital channels, microinsurance, Takaful, and parametric covers to grow penetration beyond one per cent.

Omosehin reaffirmed NAICOM’s commitment to risk-based supervision, stronger governance, and consumer protection under NIIRA 2025.

He charged the new Chairman to unite the market, raise the bar, and expand the pie by taking insurance to the over 100 million Nigerians who have never owned a policy.

“The Nigerian insurance industry stands at a defining inflection point. The laws have changed. The capital base is changing. Now we must transform how we serve the Nigerian people,” he concluded.