“Nigeria Insurance Pays: N562bn in Claims Spark New Mandate to ‘Find a Reason to Pay'”

Making Insurance Work for Nigerians

For years, the Nigerian insurance industry has battled a reputation crisis. The widespread perception has been that insurance companies are unwilling to pay claims, a belief that has hindered trust, discouraged patronage, and stunted growth. Yet, the reality tells a very different story—one rooted in facts, figures, and a quiet transformation that many policyholders never speak of.

In 2023 alone, the insurance industry in Nigeria paid out a staggering N562 billion in claims, out of a gross premium of N1.03 trillion. These figures are not just numbers—they are proof of an industry that is fulfilling its promise. They represent lives rebuilt after loss, businesses that bounced back after setbacks, and families that found financial relief during crises. But there’s a catch: the silence of satisfied policyholders.

Too often, when claims are paid, beneficiaries say nothing. Meanwhile, when one claim is disputed or delayed, it dominates public discourse and reinforces the damaging stereotype that insurers don’t pay. This gap between fact and perception continues to shape how Nigerians view insurance, and it’s a narrative that must change.

The findings are clear: policyholders who receive their claims rarely tell their stories. But to rebuild trust, the industry must spotlight these success cases, amplify voices of satisfaction, and showcase transparency in service delivery.

Recognizing this challenge, regulators have introduced a new mantra:
“Find a reason to pay a claim.”
This progressive shift urges insurance companies to change their mindset—from one of skepticism to one of empathy and responsibility. It’s about shifting from defense to service, from reluctance to resolution.

The journey to making insurance work in Nigeria isn’t just about paying claims—it’s about changing hearts and minds. With consistent payouts, increased public awareness, and a renewed regulatory push, the sector is on track to reclaim public confidence and play its rightful role in financial protection and national development.

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