Insurance industry stakeholders have renewed calls on operators to prioritise prompt claims settlement as part of efforts to rebuild public confidence, deepen insurance penetration and increase the sector’s contribution to the economy.
Recapitalisation and Reforms
The appeal comes amid ongoing recapitalisation discussions and reforms in the insurance industry aimed at strengthening operators’ financial capacity, improving service delivery and restoring trust among policyholders.
Analysts said the inability of some operators to settle claims promptly over the years has contributed significantly to low adoption in the country, despite growing awareness of risk management and financial protection.
Expert Views on Claims Payment
Speaking at a forum yesterday in Lagos, a Lagos-based insurance and financial service expert, Chinedu Okafor, said prompt claims payment remains the strongest tool for rebuilding confidence in the sector.
According to him, insurance companies that consistently honour claims obligations without unnecessary delays would not only retain customers but also attract new policyholders and improve the industry’s overall relevance in the economy.
He added that increased trust in insurance products could stimulate investment, support business continuity and expand the sector’s contribution to national economic growth.
NIA Chairman’s Remarks
Also speaking on the importance of prompt claims settlement, Chairman of the Nigerian Insurers Association (NIA), Kunle Ahmed, said claims payment remains the trust test of insurance credibility and sustainability.
Ahmed said insurers must continue to strengthen customer confidence through timely and transparent settlement of genuine claims, stressing that public trust is critical to expanding insurance penetration in the country.
