Key Points
- NIA will implement a five-year Awareness, Capacity Building and Enforcement (ACE) agenda.
- The strategy will focus on public education, industry capacity and enforcement of compulsory insurance.
- The association plans to expand digital insurance services and deploy technology to combat fraud.
- NIA says prompt claims settlement will be critical to rebuilding public confidence.
Main Story
The Nigerian Insurers Association (NIA) has outlined a five-year strategy aimed at increasing insurance penetration in Nigeria through greater public awareness, stronger industry capacity and improved enforcement.
The Chairman of NIA, Mrs Ebelechukwu Nwachukwu, disclosed this in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja.
Nwachukwu said the strategy would be implemented through an initiative known as the Awareness, Capacity Building and Enforcement (ACE) agenda, which seeks to move the insurance industry from potential to performance.
She said the awareness pillar would involve nationwide education campaigns to improve public understanding of insurance, with initiatives targeting people at different stages of life, including school children.
According to her, the association would also expand distribution channels to reach Nigeria’s diverse demographics.
Nwachukwu said the capacity-building pillar would focus on strengthening leadership, underwriting expertise and institutional capabilities within the industry.
She said capital being raised under the ongoing recapitalisation programme would be deployed to improve insurers’ ability to underwrite larger risks and deepen market penetration.
On enforcement, Nwachukwu said the NIA intended to work closely with state governments to ensure compliance with compulsory insurance policies, including those covering buildings under construction and public liability.
She said stronger enforcement would provide greater financial protection for citizens while increasing participation in the insurance market.
Following Lagos State’s recent enforcement initiative, she urged other states to establish similar platforms to improve compliance nationwide.
Nwachukwu also said prompt claims settlement would remain a key priority, adding that stronger, better-capitalised insurance companies and efficient compensation for policyholders would help build public confidence and encourage wider adoption of insurance.
She highlighted technology as another area of focus, saying the association had established an innovation hub to encourage technology-driven solutions.
According to her, NIA was developing platforms for electronic Know Your Customer (e-KYC) processes and a centralised claims repository to combat insurance fraud.
She said member companies were increasingly using artificial intelligence for property surveys, inspections, claims verification and customer service.
Nwachukwu added that digital platforms would enable customers to purchase insurance policies, verify compulsory insurance certificates and submit claims online.
She said continued investment in digital technology, data analytics and artificial intelligence would be essential to reducing fraud and delivering faster and more convenient insurance services across Nigeria.
The Issues
Insurance penetration remains dependent on public awareness, insurers’ capacity to underwrite larger risks, compliance with compulsory insurance requirements and public confidence in claims settlement. The NIA’s strategy targets these areas through its ACE framework and increased use of technology.
What’s Being Said
“Moving the insurance industry from potential to performance by prioritising ACE.” – Ebelechukwu Nwachukwu, Chairman, NIA
“Stronger, better-capitalised insurance companies and efficient compensation for policyholders would help build public confidence and encourage wider adoption of insurance.” – Ebelechukwu Nwachukwu, Chairman, NIA
What’s Next
The NIA will implement its ACE agenda over the next five years, with activities covering public education, capacity building, enforcement, claims settlement and digital transformation.
Bottom Line
The NIA’s five-year strategy seeks to widen insurance participation by improving public understanding, strengthening insurers’ capacity, enforcing compulsory insurance and making insurance services more accessible through digital platforms.
