Photo: Eric Roset / Wikimedia Commons, CC BY 2.0
Akinwumi Adesina has urged Nigerian insurance companies to treat prompt payment of valid claims, transparency and board accountability as the foundation for restoring public confidence in the sector.
Call for a consumer-centred industry
Speaking at the 2026 Nigeria Insurance Directors Conference in Lagos on Thursday, Adesina said insurers must prove their value when policyholders need support — not simply when premiums are collected.
DGBN has also reported on Adesina tells Tinubu he is ready to serve Nigeria “in any capacity”.
The former president of the African Development Bank Group challenged company directors and board chairs to take direct responsibility for claims performance, customer complaints, governance and management oversight. His intervention comes as insurers seek to expand their reach in an economy where many households and businesses remain outside formal insurance cover.
Adesina said capital alone would not resolve the sector’s credibility challenge. Nigeria’s recent reform agenda, including recapitalisation under the Nigerian Insurance Industry Reform Act 2025, must be matched by disciplined underwriting, adequate reserves, risk management and reliable reinsurance arrangements.
A public scorecard proposal
He proposed that the National Insurance Commission, NAICOM, publish an annual performance and accountability report for insurers. The suggested report would show claims received and paid, unresolved claims, average settlement times, customer complaints, regulatory compliance and financial strength.
For more context, read DGBN’s coverage of Nigeria and Barbados Push New Pharmaceutical Trade Corridor.
Such disclosure would give policyholders clearer information when choosing an insurer and make it harder for poor service to remain hidden. Adesina’s central argument was that an industry cannot expect Nigerians to trust it while resisting scrutiny.
The call follows years of regulatory concern about delayed claims. NAICOM has repeatedly said prompt settlement of genuine claims is vital to rebuilding confidence, while industry voices have acknowledged that claims payment is the key test of whether insurance works for customers.
Why it matters
For Nigerian families, farmers and small businesses, insurance is only meaningful if it helps them recover after an accident, illness, fire, crop loss or other setback. Delays and opaque processes can turn a product meant to provide protection into an additional financial burden.
Adesina also urged insurers to widen meaningful cover in agriculture, infrastructure, manufacturing, energy, transport, health and housing. Better protection across these sectors could help safeguard productive assets and support investment, particularly for businesses vulnerable to shocks.
He said the industry should measure success through concrete results rather than announcements, including regular monitoring of targets set by NAICOM. The former AfDB chief was also named an insurance ambassador at the conference, a role he said he accepted.
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The message is clear for Nigeria’s insurers: raising more capital may strengthen balance sheets, but public trust will depend on whether legitimate claims are paid fairly, quickly and transparently.