Every second brings Nigerians closer to exercising their democratic right and shaping the future of our nation.
Exercise your democratic right responsibly, peacefully and lawfully.
Insurance companies in Nigeria have been urged to improve claims payments, develop affordable policies and expand digital services as the industry seeks to attract more customers and increase public confidence.
The call comes as the National Insurance Commission intensifies efforts to expand insurance coverage nationwide. In September 2026, the regulator introduced the Insurance Sector Strengthening Programme, which aims to raise insurance penetration from approximately 0.5 per cent of gross domestic product to 10 per cent by 2031.
Industry experts maintain that stronger financial reserves alone will not achieve this target. They argue that insurance providers must demonstrate their value through reliable services, accessible products and prompt compensation when policyholders suffer losses.
Experiences from other countries offer possible solutions. In Singapore, MSIG Insurance reported a claims settlement ratio of 94 per cent in August 2026, with 92 per cent of its fast-track claims reportedly settled within three days. The approach demonstrates how efficient claims processing can strengthen customer confidence.
Research conducted by Sollers Consulting and Ipsos across four countries also found that between 52 and 63 per cent of insurance customers consider quick claims settlement a major priority.
Chairman of the Nigerian Insurers Association, Ebelechukwu Nwachukwu, said insurance companies must now focus on translating their improved financial positions into better services and broader market coverage.
She warned against treating recapitalisation as the industry’s ultimate achievement, stressing that the real objective should be improved underwriting capacity, innovation and more effective service delivery.
Another strategy gaining attention is the development of insurance products that reflect customers’ financial circumstances. In Kenya and Uganda, microinsurance provider Turaco has partnered with ASA International to offer life, credit-life and hospital cash coverage through microfinance loans.
Introduced in Kenya in 2025, the arrangement features premiums starting at $0.50 monthly, with digital claims designed to facilitate payments within 72 hours. Nigerian insurers could explore similar partnerships with cooperatives, market associations, agricultural organisations and microfinance institutions to reach people who might otherwise struggle to obtain insurance.
Experts have also highlighted the potential of distributing insurance through existing commercial platforms. Banks, retailers, digital lenders and mobile applications could provide opportunities for customers to purchase coverage without visiting insurance offices.
According to UK-based insurance expert Aliyu Yahaya, integrating insurance into everyday transactions could reduce distribution expenses and make policies more accessible. Such arrangements could cover activities ranging from vehicle financing and travel bookings to agricultural investments and small-business lending.
Technology is another area where Nigerian companies could make significant progress. Digital platforms can simplify policy purchases, renewals, document submission and claims tracking. A case study published by Singapore’s DBS bank showed that digital automation reduced average claims settlement time from approximately two weeks to almost immediately after approval.
Yahaya stressed that the industry must offer products that address genuine risks, remain affordable and deliver on promises made to customers.
With the recapitalisation exercise providing a stronger financial foundation, insurance operators now face the challenge of converting that advantage into increased public participation. Experts believe that faster compensation, innovative distribution methods and customer-focused policies will be crucial to achieving Nigeria’s insurance expansion targets.
