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.

As part of efforts to enhance collaboration on the enforcement of the Third-Party Motor Insurance Policy, the Nigerian Insurers Association (NIA) on Tuesday,15th April 2025, paid a courtesy visit to the Lagos State Commissioner of Police, CP Olorundare Jimoh.

The NIA team, led by Director General Mrs. Bola Odukale congratulated Jimoh on his appointment and commended the police for their role in improving compliance with the policy since its enforcement began on February 1, 2025.

Odukale extended sincere appreciation to the Inspector General of Police, IGP Kayode Egbetokun, for championing the enforcement, adding that the collaboration has significantly improved compliance across the country.

The insurance industry must embrace digital transformation to remain relevant and competitive, as businesses face increasing pressure of disruption and customers expectations.

Kunle Ahmed, chairman, Nigerian Insurers Association (NIA) speaking the Chief Executive Officers Retreat held in Lagos said, “As we navigate an era marked by rapid technological advancements and evolving societal needs, it is imperative that we, as industry leaders, proactively adapt and innovate to stay ahead of the curve.”

Speaking on the theme, “Digital Disruption and Social Innovation: Reshaping Our Traditional Models,” Ahmed said this could not be more timely and relevant.