The Nigerian insurance industry have signalled its determination to embrace innovation through shared collaboration that will not only expand market opportunity, but also bolster customer experience.

This is as data from Industry’s Inaugural Innovation Survey shows that 87 percent executives are willing to collaborate on shared solutions, while another 69 percent are ready to commit resources in 2025.

The growing openness expressed at the formal launch of 2025 NIA Innovation Lab by the Nigerian Insurers Association marks a pivotal moment for the sector as it looks to modernise and meet emerging challenges.

The Nigerian Insurers Association (NIA) welcomes with great appreciation the presidential assent to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, a pivotal legislation that sets the stage for transformative progress across the insurance ecosystem and the broader financial services landscape.
This Act, signed into law by President Bola Ahmed Tinubu, GCFR, represents a bold step toward strengthening the regulatory framework, enhancing public trust, improving market penetration, and modernising operations within the industry. It reflects the Federal Government’s commitment to deepening financial inclusion and ensuring that insurance becomes a robust pillar in Nigeria’s economic architecture and in line with the president’s vision for achieving a $1 trillion economy by 2030.

The African Insurers Organisation (AIO) has moved to strengthen collaboration with the Nigerian insurance market while pledging more value in return for insurance companies of its member countries.

The Secretary General of the AIO, Mr. Jean Baptiste, said this during an official visit to the Nigerian Insurance Market in company of the AIO’s Communication and Public Relations Officer, Mr Charles Moki, hosted by the Nigerian Insurers Association (NIA) in Lagos.

A statement by the Head, Corp. Comm/Brand Management, NIA, Ajoke Adeyemi, said the visit of the AIO officials to Nigeria began with a meeting with the NIA Chairman, Mr Kunle Ahmed, flagged by the management of the NIA, led by the Director-General, Mrs Bola Odukale, on Monday, May 5, 2025, followed by a meeting with the Chief Executive Officers (CEOs) of AIO member companies in Nigeria.

The visit extended to other arms of the industry on Tuesday and ended with a dinner organised by the NIA on Wednesday for the AIO officials, Past Chairman of the AIO, Mr Tope Smart, board member of the AIO, Mr Eddie Efekoha, and principal officers of various arms of the insurance industry.

Kunle Ahmed, chairman of the Nigerian Insurance Association, disclosed this during a quarterly news conference on the performance of the industry by the association in Lagos.

Mr Ahmed said this growth was largely driven by the non-life insurance sector.

He said, “The 2024 performance of the insurance industry revealed a complex landscape marked by significant growth in certain areas alongside persistent and emerging challenges.

The Nigerian Insurers Association (NIA) has assured policyholders that insurance companies remain willing and prepared to pay all valid claims promptly and transparently.

NIA Chairman, Mr Kunle Ahmed, gave the assurance on Tuesday during the 2024 first quarter briefing on the industry’s performance, held in Lagos.

Ahmed stressed that honouring legitimate claims is essential for building public trust in the insurance industry.

He said, “Insurance companies are willing and ready to pay valid claims—be it third-party, comprehensive, or any other policy sold to the public.

“Claims payment and processing require urgent solutions. We are approaching this as a united industry to reduce costs and make a greater impact.”

Ahmed noted that beyond payments, the NIA is tackling challenges linked to ease and timeliness of claim settlements.

The Chairman of Nigerian Insurers Association (NIA), Mr. Kunle Ahmed says the insurance companies in the country are committed to a timely processing and payment of all valid claims, so as to build public trust and ensure the sustainability of the sector.
Speaking at the first quarter media chat of the association on Tuesday in Lagos, Ahmed emphasised that the hallmark of any insurance company worth its license is the payment of claims.
Despite the N536.5 billion claims paid by the industry in 2023, which is about 53% of the gross written premium for that year, he stated that there is still significant improvements to be made on the ease of making a claim and general improvement of the claim process.
He also informed that the NIA would soon be inviting Fintechs to make a pitch on different innovations that will ensure that the claim process is shortened leading to improvement in the timely payment of claims.