NIA Tasks Insurers on Collaboration, NIIRA Implementation in 2026
The Chairman of the Nigerian Insurers Association (NIA), Mr Kunle Ahmed, has urged chief executives of insurance companies to strengthen collaboration and transparency to consolidate industry gains and deepen public trust in 2026.
Ahmed made the call in his New Year message to Chief Executive Officers of NIA member companies. He said that collaboration was highly recommended to fully actualise the provisions of the Nigerian Insurance Industry Reform Act (NIIRA 2025), which was signed by President Bola Tinubu in 2025.
He described NIIRA 2025 as a major milestone that provided a stronger framework for insurance penetration, governance and sustainable growth.
“As we begin 2026, our priority is the effective implementation of the Act through close collaboration among operators, regulators and other stakeholders,” he said.
Ahmed assured members of the Association’s continued support through advocacy, guidance and capacity-building
He said that plans were underway to establish a recapitalisation help desk to assist member companies during the transition period.
“With cooperation, transparency, and shared responsibility, I am confident we will consolidate the gains of 2025 and usher in a new era of growth and public trust,” he said.
Ahmed commended the insurance Chief Executive Officers’ resilience and commitment to customer satisfaction and support for the Association’s programmes in 2025.
He said the past year was transformative for the association and the insurance industry, with initiatives that expanded the market, boosted public confidence and strengthened stakeholder engagement.
According to him, key milestones recorded in 2025 included the launch of the NIA Innovation Lab, sustained advocacy on compulsory insurance policies and continuous engagements with the industry regulator, which led to improvements in regulatory circulars.
Ahmed noted that the association also broadened its engagements with institutions such as the National Assembly, the Economic and Financial Crimes Commission (EFCC) and sister associations to foster a more enabling business environment.
He said that NIA revitalised its media strategy to amplify the industry’s voice and sustained capacity-building programmes to equip insurance professionals for an evolving marketplace.
He said that, with support from the Africa Re Foundation, the association commenced the development of a Mortality Rate Table for Nigeria.
He described the initiative as a critical project that would add significant value to the life insurance segment.
Meanwhile, the NIA chairman also mourned the passing of the former Managing Director of STACO Insurance Plc, Dr Wale Banmore, who died on Dec. 27, 2025.
He conveyed the Association’s condolences to the board, management and staff of the company.
He described Banmore as a distinguished industry leader whose contributions to insurance practice would be fondly remembered.
Ahmed wished insurance executives and their organisations a prosperous, peaceful and successful New Year, expressing optimism for deeper collaboration in 2026. #NIA Tasks Insurers on Collaboration, NIIRA Implementation in 2026#
