The Nigerian Insurers Association (NIA) has unveiled a five-year strategy aimed at increasing insurance penetration and strengthening public confidence in Nigeria’s insurance industry.
The NIA Chairman, Mrs Ebelechukwu Nwachukwu, said the strategy would be implemented through an Awareness, Capacity Building and Enforcement (ACE) agenda designed to move the industry from potential to stronger performance.
Under the awareness pillar, Nwachukwu said the association would launch nationwide education campaigns to improve public understanding of insurance, including initiatives targeting schoolchildren and other demographic groups.
She said the capacity-building component would focus on strengthening leadership, underwriting expertise and institutional capabilities. The ongoing recapitalisation of insurance companies, she added, would also improve their capacity to underwrite larger risks and expand their reach.
On enforcement, Nwachukwu said the NIA would collaborate with state governments to ensure compliance with compulsory insurance policies, including building and public liability insurance. She also identified prompt claims settlement as critical to restoring public confidence in the sector.
Nwachukwu said technology would play a major role in the strategy, with the NIA developing digital solutions for electronic Know Your Customer (e-KYC) processes and a central claims repository to combat fraud. According to her, continued investment in digital platforms, data analytics and AI would make insurance services faster and more accessible while helping to deepen insurance adoption across Nigeria.
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