KBL Insurance Limited has paid over N5 billion in claims across various insurance categories within the last 16 months, as the company intensifies its recapitalisation drive to strengthen operations and expand market presence.
Claims Payment Details
The underwriting firm disclosed that it settled claims worth N3.66 billion during the 2025 financial year and paid an additional N1.33 billion between January and April 2026, bringing total claims payout to over N5 billion. The company said the development underscores its financial stability, operational resilience and commitment to prompt settlement of genuine claims.
CEO's Remarks
Managing Director and Chief Executive Officer of KBL Insurance Limited, Lawal Mijinyawa, described prompt claims payment as a critical measure of credibility and trust in the insurance industry. According to him, insurance goes beyond policy documentation and is fundamentally about fulfilling obligations when customers experience losses.
He noted that the company’s consistent claims settlement culture reflects professionalism, operational excellence and customer-focused service delivery. Mijinyawa added that the claims payouts had helped businesses recover from losses while providing financial support to families and individuals during difficult periods.
Recapitalisation Progress
He also disclosed that the company had recorded significant progress in its recapitalisation programme, revealing that KBL had secured investor commitment towards the initiative. The KBL boss said the investment commitment would strengthen the company’s underwriting capacity, improve competitiveness and position it to take advantage of emerging opportunities within Nigeria’s insurance industry.
He explained that the development demonstrates growing investor confidence in the company’s governance structure, operational performance and long-term strategic direction. According to him, the recapitalisation programme would enable the company to deepen market penetration, improve service delivery and expand investment in innovation and technology.
Commitment to Stakeholders
Mijinyawa assured policyholders, brokers and business partners of the company’s continued commitment to sound corporate governance, transparency, financial discipline and customer-oriented operations. He added that the insurer would continue leveraging digital transformation, innovation and operational efficiency to improve customer experience and reduce turnaround time across its operations.
Future Plans
KBL Insurance Limited also reiterated plans to sustain investments in human capital development, technology-driven solutions and product innovation aimed at delivering greater value to customers and stakeholders. The company maintained that its long-standing reputation for professionalism, integrity and reliable service delivery continues to reinforce stakeholder confidence in its operations and strengthen its position within Nigeria’s insurance sector.
