In 2023, Nigerian insurance companies paid out N536.5 billion in claims, accounting for 54% of the industry’s N1 trillion Gross Premium Income (GPI), according to Kunle Ahmed, Chairman of the Nigerian Insurers Association (NIA) and CEO of AXA Mansard Insurance Plc. Ahmed emphasized that the significant allocation towards claims payments demonstrates the industry’s commitment to honoring genuine claims and providing value to policyholders.
Also read:
Rising Foreign Direct Investment Signals Renewed Interest in Nigeria’s Insurance Sector
Bonga Oil Spill: Niger Delta Communities Await Court Judgment on $1 Billion Insurance Claim
Rising Foreign Direct Investment Signals Renewed Interest in Nigeria’s Insurance Sector
Ahmed, speaking at a pre-investiture media event in Lagos ahead of his formal installation as the 26th NIA Chairman, underscored that improving claims processes and customer trust are central to his goals as chair. “The recent growth in claims paid demonstrates our dedication to clients, yet we recognize more work is needed to enhance trust,” he said, pledging further improvements in transparency and efficiency.
As part of his tenure, Ahmed announced plans to implement a customer-centric strategy aimed at simplifying the insurance process and enhancing client satisfaction. He noted that improvements in the claims-handling process, onboarding, and transparency would be priorities, explaining that satisfied clients can serve as strong advocates for the insurance sector.
Ahmed also highlighted the importance of digital transformation for the industry, acknowledging that insurance has historically lagged in adopting technology. He plans to launch an innovation challenge to promote digital solutions that could streamline processes and improve customer experiences.
Additionally, Ahmed aims to strengthen collaboration with government agencies to support insurance sector policies. He committed to supporting the Nigeria Insurance Reform Bill to modernize regulatory frameworks, drive insurance integration into national development, and increase public awareness of insurance benefits. To enhance insurance literacy, Ahmed plans outreach initiatives, including educational programs and partnerships with schools and media institutions, to foster an informed understanding of insurance products.
