BY NKECHI NAECHE-ESEZOBOR—The Nigerian Insurers Association (NIA) on Wednesday reaffirmed its strong support for the National Insurance Commission (NAICOM) following the successful completion and implementation of insurance industry recapitalisation which ended last month under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to statement released today the umbrella body led by it’s chairman, Mrs. Ebelechukwu Nwachukwu commended NAICOM’s transparent approach, highlighting how clear guidelines, systematic verification, and rigorous supervisory oversight provided a reliable framework for operators.
Celebrating the milestone outcome, she noted that a well-capitalized market significantly strengthens the financial bedrock of the sector, elevating consumer trust and expanding the industry’s overall contribution to the national economy.
She explained that the milestone is further marked by 43 insurance and reinsurance companies successfully meeting the new statutory threshold, a feat the NIA praised as a major win for policyholders, investors, and the broader business community.
Expressing solidarity with an additional eight companies currently undergoing final regulatory review, Mrs. Nwachukwu who also is the Managing director/ CEO of REX Insurance Limited, reassured the public that the Nigerian insurance industry emerges from this exercise substantially stronger and more resilient.
She reaffirmed the Association’s commitment to serving as a robust platform for advocacy and constructive regulatory engagement, ensuring the sector remains fully prepared to underwrite complex risks and drive long-term national economic growth.
