Settle claims promptly, ex-AfDB president tells insurers

Former African Development Bank Group president Akinwumi Adesina has called on Nigerian insurance companies to settle claims promptly, with transparency and accountability to regain public trust. During the Nigeria Insurance Directors Conference, Adesina argued that insurers must demonstrate their worth by honouring valid claims, rather than focusing solely on collecting premiums.

He challenged insurance leaders to take greater responsibility for claims performance, customer complaints, corporate governance, and management accountability. Adesina proposed that the National Association of Insurance Commissioners (NAICOM) introduce an annual public accountability report detailing insurance claims, outstanding claims, settlement timelines, customer complaints, regulatory compliance, and financial health.

He stressed that industry players cannot demand public trust while shunning public scrutiny. Adesina also urged stronger regulatory oversight and improved corporate governance, cautioning that recapitalisation under the Nigerian Insurance Industry Reform Act 2025 would not automatically lead to institutional transformation. He urged insurers to expand coverage into various sectors, including agriculture, infrastructure, manufacturing, energy, transportation, healthcare, and housing, to support Nigeria's economic growth.

Adesina emphasized that insurance penetration currently stands at about 0.5% of GDP and called for a 10% target by 2031, with 25 million Nigerians covered and 6,000 certified insurance professionals developed. He urged stakeholders to work towards measurable performance targets, quarterly monitoring, and independent assessments to ensure the industry meets its commitments.

Adesina concluded by urging insurance regulators, professional bodies, and operators to build institutions worthy of public confidence, stating, "Do not just build insurance companies. Insure the nation. Protect its wealth. Finance its growth."