Former President of the African Development Bank Group, Dr Akinwumi Adesina, has called on Nigerian insurance companies to prioritise prompt claims settlement, transparency and accountability to restore public trust in the industry. Adesina made the appeal while delivering the keynote address at the Nigeria Insurance Directors Conference, organised by the Chartered Insurance Institute of Nigeria in collaboration with the National Insurance Commission in Lagos.
Adesina challenged insurance board chairpersons and directors to take greater responsibility for claims performance, customer complaints, corporate governance and management accountability. He stated that when policyholders pay premiums, they deserve premium service in return, and that insurance boards must assume greater responsibility for claims settlement outcomes. He proposed that the National Insurance Commission introduce an annual public accountability and performance report detailing claims received and settled, outstanding claims, average settlement timelines, customer complaints, regulatory compliance and the financial soundness of insurance companies.
The former AfDB president warned that the ongoing recapitalisation exercise under the Nigerian Insurance Industry Reform Act 2025 would not automatically lead to institutional transformation. He said increased capital must be accompanied by disciplined underwriting, adequate technical reserves, effective risk management and stronger reinsurance arrangements. Adesina also urged insurance operators to expand coverage across agriculture, infrastructure, manufacturing, energy, transportation, healthcare and housing to support Nigeria's economic growth.
Insurance penetration in Nigeria stands at approximately 0.5 per cent of Gross Domestic Product, according to Adesina's assessment. He said the industry had a significant role to play in protecting households, businesses and productive investments, and must become a stronger pillar of President Bola Tinubu's 1 trillion dollar economy ambition. Adesina challenged industry stakeholders to work towards the National Insurance Commission's 2031 targets of increasing insurance penetration to 10 per cent of GDP, extending active insurance coverage to 25 million Nigerians and developing 6,000 certified insurance professionals.
Adesina, who was named Global Ambassador for Insurance in Nigeria and Face of Insurance in the country at the conference, called for measurable performance targets, quarterly monitoring and independent assessments to ensure the industry delivered on its commitments. He stressed that success must be measured by outcomes rather than announcements, and urged insurance regulators, professional bodies and operators to work collectively towards building institutions worthy of public confidence.
For savers and businesses, faster claims settlement and improved transparency in the insurance sector would mean quicker access to funds when they file valid claims and greater confidence in the industry's ability to protect their assets.