In its 55 years of existence as a professional body, the Nigeria Insurers Association NIA has produced 26 male presidents. In this report, Ebere Nwoji captures events at the recent investiture of its first female Chairman
History was made in the insurance sector recently with the emergence of Mrs Ebelechukwu Nwachukwu, the Managing Director Rex Insurance Limited as the first female Chairman of Nigeria Insurers Association (NIA). NIA is the umbrella body of insurance underwriting companies in Nigeria.
Nwachukwu at her investiture held recently in Lagos, assembled the who is who within and outside insurance circle among whom were; the Director General World Trade Organisation (WHO), Dr Ngozi Okonjo- Iweala, who attended the ceremony virtually, the representatives of Lagos State Governor, Mr Babajide Sanwo-Olu, representative of Delta State Governor, Chief Sheriff Oborevwori, his Abia state counterpart, Dr Alex Otti and a host of other dignitaries.
The commissioner for insurance, Mr Olusegun Ayo Omosehin was also in attendance personally.
From the banking sector, the founder Zenith Bank Plc, Mr Jim Ovia was the special Guest of Honour. His counterpart, Mr Tony Elumelu, Chairman Heirs Holding was also special Guest of Honour.
Professional Colleagues’ View
Nwachukwu’s rise as the first female Chairman of the 55-year-old NIA was described by some of her friends and professional associates as a landmark achievement that underscored her competence, ability and the confidence reposed on her by her peers. Her rare position was also described as not only a personal mile stone but also a powerful symbol of progress, inclusion, and the evolving leadership landscape within the industry.
Viewed by her professional colleagues as a woman of purpose, integrity and impact, Nwachukwu, going by her past records as Managing Director of several insurance firms before her present position as Rex Managing Director, has continued to inspire a generation of professionals through her dedication to excellence, her passion for people, her drive for transformation and her commitment to advancing the insurance sector in Nigeria.
Her Pedigree
Currently the Managing Director of Rex Insurance, she was formerly Managing Director / Chief Executive Officer NSIA Insurance, Managing Director Zenith General Insurance, Non-executive Director Zenith Life Insurance, Non-executive Director West Africa Insurance Corporation, Chairman WAICA Education Conference 2025 among several others. Suffice it to say that Nwachukwu has stood tall as board room guru.
In her inaugural speech, the new NIA Chairman said though she stands today as the first female Chairman of the insurers’ association, she did not just come to make history alone but has also come to make a difference. She noted that her regime was coming in the final critical weeks of the on-going recapitalisation exercise thrown up by the Nigerian Insurance Industry Reform Act (NIIRA) 2025 which according to her is not merely a regulatory requirement but a defining moment for the future of risk management and financial security in Nigeria.
Tenure intentions
She said during her two-year tenure, her strategic intent was to transform the Nigerian Insurance industry from a low- penetration, fragmented, trusted, accessible and self-regulating industry defined by strong adoption, technical authority and disciplined market conduct.
She said she would pursue this vision through three pillars of awareness, capacity building and enforcement. This, she titled, “The A. C. E Agenda.”
On awareness, Nwachukwu said awareness must no longer stop a visibility but must lead to understanding, confidence and uptake.
She said, “We have all heard the stories, too many Nigerians still view insurance with suspicion not because our products are flawed but because they have never seen it work for them in a clear, tangible way.”
She called on all insurers, brokers, agents, insuretech and marketers to move beyond isolated campaigns and commit to coordinated industry-wide awareness initiatives aligned with national financial literacy objectives and the inclusive insurance frameworks championed by NAICOM.
She also called on insurers to replace jargons in their policy statements with clarity, replace fear with proof.
“When we pay claims quickly and fairly we do not just satisfy customer we recruit a marketer. Every paid claim is a testimony. Every testimony grows our market let us increase our presence in unserved areas of our country,” she stated.
Commissioner’s Charge
In his speech at the investiture, the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, gave Nwachukwu three-point charges mandating her to unite the insurance market, raise the bar on claims payment and expand the pie through taking insurance services to at least 100 million people in Nigeria.
He said Nwachukwu was known for execution, building institutions as such the association had chosen well in making her take up its mantle of leadership this time.
He assured Nwachukwu of NAICOM’s full support and his personal commitment as she leads the association into its new chapter.
“Madam chairman, the commission stands ready to work with you. Our role is to set the rules, supervise fairly and create an enabling environment. Your role is to organise the market, uphold ethics and deliver value to Nigerian people,” the commissioner stated.
To the NIA as a body, Omosehin said at this phase of reforms in the industry, the NIA remained the conscience and the engine room of the underwriting market.
He said the association was faced with three responsibilities of building leadership in trust, leadership in enforcement and leadership in innovation.
In the area of trust, Omosehin noted that the insurance sector’s biggest deficit was not capital but trust.
He said every claim paid promptly, every policy explained clearly every customer treated fairly added a block to the trust the industry must rebuild.
“I charge NIA under Mrs Nwachukwu’s leadership to make claims excellence a market – wide culture. Let us publish our claims ratios. Let us compete on service. Let the Nigerian people feel the difference,” he stated.
On Leadership in enforcement, the insurance commissioner said: “We have six classes of compulsory insurance backed by law. Yet compliance remains below 30 per cent. The Commission cannot enforce alone. We need the market to insist on compliance as a condition for doing business. Partner with us, with state governments, with FRSC, with Nigerian Police Force, and other law enforcement agencies. When we enforce, we protect lives, we protect public funds, and we grow the market.”
On leadership in innovation, the commissioner noted that penetration was below 1 per cent because insurance products and distribution have not met Nigerians where they are.
“The Regulatory Sandbox is open. Digital channels are waiting. Embedded insurance, micro-insurance, Takaful, and parametric covers for agriculture and climate are the future. I urge NIA to drive product relevance and digital scale-up, so that insurance becomes a tool for every farmer, trader, and household,” he instructed.
Describing the emergence of Nwachukwu as “historic and timely,” Omosehin said the new leadership was 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.