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 restore public trust. Speaking at the Nigeria Insurance Directors Conference, Adesina emphasized that insurance firms must honor valid claims instead of focusing solely on premiums.

He challenged board members to take responsibility for claims, customer complaints, governance, and management performance. Adesina proposed that the National Insurance Commission (NAICOM) publish an annual public accountability report on claims, outstanding claims, settlement timelines, customer complaints, and regulatory compliance.

He also advocated for stronger regulation, improved corporate governance, and expanded insurance coverage across various sectors to support economic growth. Adesina urged insurance operators to increase penetration from the current 0.5% of GDP to 10% by 2031, developing 6,000 certified professionals. The former AfDB president emphasized that success should be measured by outcomes, not announcements, and called for collective efforts to build institutions worthy of public confidence.