Ahmed made this known during the Association’s 2025 Annual General Meeting (AGM) held in Lagos, where he presented the Chairman’s Statement on the industry’s performance.

According to him, the insurance sector has evolved into a cornerstone of Nigeria’s financial services industry, demonstrating remarkable resilience and adaptability despite a challenging macroeconomic environment.

He explained that the industry’s Gross Premium Income surged year-on-year to exceed ₦2.3 trillion, with the General Insurance business contributing ₦1.57 trillion, driven largely by the retention of high-value Oil and Gas risks and improved enforcement of compulsory Motor and Marine insurance policies.

The Life Insurance segment contributed ₦727.4 billion, supported by growing public awareness of long-term financial planning and sustained demand for Retiree Life Annuity (RLA) products.

Ahmed also revealed that gross claims paid rose to ₦724.7 billion during the year, representing approximately 31.5 per cent of Gross Written Premium. He noted that the increase reflected the industry’s commitment to efficient claims management and improved underwriting practices.

According to him, the non-life insurance segment achieved a claims settlement rate of 75.5 per cent, while the life insurance business recorded a settlement ratio of 65.5 per cent, demonstrating improved operational efficiency and stronger customer confidence.

He emphasized that the industry’s achievements were recorded despite prevailing capital constraints, describing the performance as evidence of the sector’s resilience.

The NIA Chairman stressed that the ongoing recapitalisation exercise remains a strategic priority, as it is expected to strengthen insurers’ financial capacity, bridge existing underwriting gaps, deepen insurance penetration, and enable the industry to absorb larger and more complex risks.

He further disclosed that the industry’s total assets grew by 7.4 per cent to ₦4.8 trillion in 2025 from ₦4.5 trillion recorded in the previous period. Of the total assets, ₦2.6 trillion was attributed to the non-life business, while the life insurance segment accounted for ₦2.2 trillion.

Ahmed attributed the sector’s impressive performance to stronger regulatory enforcement, increased collaboration with law enforcement agencies and state governments to drive compliance with compulsory insurance, and the rapid adoption of digital technologies.

He noted that the integration of InsurTech solutions and digital distribution channels enabled insurers to reach previously underserved markets, reduce operating costs, and improve customer onboarding.

He also highlighted increased local retention of specialized risks through initiatives such as the Energy and Allied Insurance Pool of Nigeria (EAIPN), which has helped retain significant insurance premiums within the domestic economy while reducing reliance on foreign markets.

Ahmed expressed confidence that with sustained reforms, stronger capitalisation, and continued digital innovation, Nigeria’s insurance industry is well-positioned to deepen market penetration and play a greater role in supporting national economic growth.

The post Nigerian Insurance Industry Hits ₦2.3 Trillion Premium Milestone in 2025 – NIA appeared first on Business Today NG.

The Managing Director and Chief Executive Officer of the company, Nelson Akerele, disclosed this during a recent media briefing while addressing the firm’s capital positioning and compliance with the National Insurance Commission (NAICOM).

According to Akerele, Enterprise Life—which entered the Nigerian market approximately five years ago alongside peers like Heirs General and Heirs Life—has progressively built on its foundational capital structure to satisfy current regulatory thresholds.

“We started with ₦8 billion,” Akerele stated, recalling the company’s entry as one of the four entities licensed in that licensing wave. “What we have as a statutory deposit right now, as I speak, is ₦1 billion, which has been fully remitted to the designated account assigned to us.”

Beyond meeting the statutory deposit mandate, the Enterprise Life boss revealed that the company has fully satisfied its Minimum Capital Requirement (MCR).

He attributed this seamless compliance to a deliberate operational strategy that favors liquid assets over heavy fixed investments.

Unlike traditional players with massive capital tied up in real estate, Enterprise Life has maintained an agile, cash-ready balance sheet.

“We are not heavy in terms of buildings and all that; our assets are held in liquid form—in cash and cash equivalents,” Akerele emphasized. “We are an extremely liquid company.”

This cash-heavy asset strategy positions the insurer to promptly meet its obligations, match underwriting risks effectively, and settle policyholders’ claims without the delays often associated with liquidating physical property.

The announcement comes at a critical time when NAICOM continues to emphasize stricter solvency and liquidity management across the Nigerian insurance ecosystem to boost public confidence in the sector.

The post Enterprise Life Assurance Meets Full Regulatory Capital Requirements, Boosts Liquidity appeared first on Business Today NG.

The Company disclosed that it paid claims totalingN3,662,293,189.41 during the 2025 financial year, while an additional N1,337,886,316.70 was settled between January and April 2026.

The cumulative payout reflects KBL’s strong financial footing, operational resilience, and unwavering commitment to meeting obligations with efficiency and professionalism.

The settlements, spanning diverse classes of insurance business, further demonstrate the Company’s responsiveness in providing timely financial relief to policyholders during periods of loss and uncertainty.

Speaking on the development, the Managing Director/Chief Executive Officer of KBL Insurance Limited, Lawal Mijinyawa, described prompt claims settlement as one of the most credible indicators of trust and institutional integrity within the insurance industry.

“At KBL, we understand that insurance extends beyond policies and documentation; it is fundamentally about honouring our promises when customers need us most. The true test of an insurance institution lies in its ability to settle genuine claims promptly, fairly, and efficiently,” he stated.

Mijinyawa noted that the Company’s claims record reflects not only financial stability, but also a culture anchored on professionalism, operational excellence, and superior service delivery.

“Our consistent claims settlement culture mirrors the confidence our customers place in us and our determination to exceed expectations. Beyond the statistics are businesses restored, families supported through adversity, and individuals empowered to move forward with renewed assurance,”he added.

The Managing Director further disclosed that KBL is recording a very significant progress with its recapitalisation programme as part of a broader strategic growth and transformation agenda.

According to him, the Company has successfully secured investor commitment towards the initiative, a milestone expected to strengthen its financial capacity, underwriting strength, and competitive position within Nigeria’s insurance landscape.

“As part of our long-term vision for sustainable growth and enhanced service delivery, KBL has secured investor participation towards its recapitalisation programme. This achievement further reinforces our financial stability and positions us to harness emerging opportunities within the industry,” he said.

He explained that the development reflects growing investor confidence in the Company’s governance structure, operational performance, and long-term strategic direction.

“The successful investment commitment is a strong endorsement of the KBL brand and its future prospects. It will enable us to deepen market penetration, strengthen service delivery, expand investment in innovation and technology, and continue creating superior value for customers and stakeholders,” Mijinyawa stated.

He further assured policyholders, brokers, business partners, and stakeholders of the Company’s continued commitment to sound corporate governance, financial discipline, transparency, and customer-oriented operations as it consolidates its market presence.

KBL also reiterated its resolve to leverage innovation, digital transformation, and operational efficiency to enhance customer experience and improve turnaround time across its operations.

Over the years, KBL Insurance Limited has built a strong reputation founded on professionalism, integrity, reliability, and seamless service delivery. The Company noted that its expanding claims portfolio and sustained strategic investments continue to reinforce stakeholder confidence and validate its position as a trusted player within Nigeria’s insurance industry.

As part of its long-term objectives, KBL stated that it would continue investing in human capital development, technology-driven solutions, operational efficiency, and product innovation aimed at delivering greater value to customers and stakeholders.

The Company reaffirmed its dedication to excellence, efficient claims administration, and the provision of quality insurance solutions designed to guarantee peace of mind and enduring financial protection.

KBL Insurance Limited is a trusted general insurance provider committed to delivering innovative and reliable risk management solutions to individuals and businesses across Nigeria. Guided by professionalism, integrity, innovation, and customer satisfaction, the Company continues to provide responsive insurance services tailored to the evolving needs of its customers while contributing meaningfully to the growth of Nigeria’s insurance industry.

The post KBL Insurance Settles N5bn Claims in 16 Months, Secures Investor Backing appeared first on Business Today NG.

The claims paid across various business portfolios represent 37.8% of the total N14 billion claims settled during the full 2025 financial year, reflecting the company’s strong financial capacity and deliberate customer-centric approach to insurance operations.

The claims cut across several product lines including Motor Insurance, Fire Insurance, General Accident, Marine Insurance, Aviation, Oil & Gas, Engineering, Bond and Agric Insurance, further demonstrating the company’s extensive underwriting expertise and strategic role in supporting businesses and individuals across critical sectors of the Nigerian economy.

In addition, the company recorded reinsurance recoveries of N2.9 billion in 2026, compared to N6.8 billion achieved in the 2025 financial year, representing 41.4% of the previous year’s figures.

Speaking on the claims performance, the Managing Director/Chief Executive Officer, Mary Adeyanju, said the company remains committed to fulfilling its promise to customers by ensuring that every genuine and confirmed claim is settled promptly and professionally.

“We understands that the true value of insurance is revealed at the point of claims settlement. This is why we have continued to strengthen our claims management process to ensure that our customers receive timely support when it matters most.

“Our commitment is simple and unwavering; every genuine and confirmed claim will be paid promptly, transparently and professionally. We see our customers as partners, and we remain dedicated to protecting their businesses, investments and future with integrity and excellence.”

She further noted that the company’s consistent investment in people, technology and operational processes has significantly enhanced service efficiency and customer experience.

“As the risk landscape evolves, we are continuously innovating and improving our systems to serve our customers better. Our focus is not only to provide insurance coverage, but also to deliver confidence, stability and peace of mind to every policyholder,” she added.

 Leveraging the capabilities and unique strengths within the group,the company continues to provide premium risk management solutions tailored to meet the needs of corporate organisations, SMEs and individuals.

The company’s impressive claims settlement record remains a testament to its financial strength, technical expertise and reliability as a trusted insurance partner in Nigeria. Customers seeking dependable insurance solutions are encouraged to explore the company’s wide range of products designed to protect lives, assets, businesses and investments against unforeseen risks.

Meanwhile, the Group Chief Executive Officer of Consolidated Hallmark Holdings Plc, Eddie Efekoha, has confirmed that the Group will declare a final dividend of 15 kobo per share at its Annual General Meeting scheduled for May 21, 2026. Combined with the 10 kobo interim dividend paid in 2025, this brings the total dividend for the period to 25 kobo per share, further reflecting the Group’s commitment to delivering value to shareholders.

About Us:
Consolidated Hallmark Insurance is one of the leading General Business and Special Risk Insurance underwriters in Nigeria. Over the years, the company has played a leadership role in the underwriting of key transactions in Aviation, Oil & Gas, Marine Cargo and Hull Business as well as in Motor insurance business. We have built a reputation on Professionalism, Integrity and Excellent Service Delivery. Leveraging on the capabilities and unique skills of the entire group, we provide premium risk management solutions to our clients. Our commitment to serving you better has seen us make key investments in our People, Technology and Processes.

The post Consolidated Hallmark Pays N5.3bn claims in Four Months appeared first on Business Today NG.