NIA's N1.08tn Recapitalisation Must Improve Insurance Services

The Nigerian Insurers Association (NIA) has stated that the N1.079 trillion raised through its recapitalisation exercise must be effectively translated into improved claims settlement, stronger underwriting capacity, and enhanced customer service. NIA Chairman Ebelechukwu Nwachukwu, who is also the Managing Director and Chief Executive of Rex Insurance Limited, addressed these points at an industry event titled 'From Capital to Capacity: Driving Growth, Innovation, and Trust in Nigerian Insurance Sector'.

She warned that while stronger balance sheets are beneficial, they will mean little if insurers do not fulfill their contractual obligations. Nwachukwu stressed the importance of moving beyond merely celebrating the recapitalisation to demonstrating tangible improvements in service delivery and innovation.

She highlighted the need for disciplined risk assessment, adequate pricing, and the use of technology to extend coverage to underserved communities. Nwachukwu concluded that the true value of recapitalisation will be judged by the benefits delivered to policyholders rather than what appears on balance sheets.