Settle claims promptly, ex-AfDB president tells insurers
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Verified Synthesis~44s readAdesina said insurance firms must demonstrate their value by honouring valid claims rather than focusing mainly on collecting premiums. L-R Mr Akinjide Orimolade, President chartered institute of insurance of Nigeria Dr Akinwumi Adesina CON CGH Representative of the Minister of Finance Commisioner for insurance Mr oluSegun Ayo Omosehin Former President of the African Development Bank Group, Dr Akinwumi Adesina, has urged insurance companies in Nigeria to prioritise prompt claims settlement, transparency and accountability to rebuild public confidence in the industry.
Context & Background
- ✦Adesina, who was named Global Ambassador for Insurance in Nigeria and Face of Insurance in the country at the conference, also called for stronger regulatory supervision and improved corporate governance in the sector.
Key Figures & Named Entities
Friday:According to a statement issued by his media office on Friday, Adesina made the call on Thursday while delivering the keynote address at the Nigeria Insurance Directors Conference organised by the Chartered Insurance Institute of Nigeria in collaboration with the National Insurance Commission in Lagos.2025:He cautioned that the ongoing recapitalisation exercise under the Nigerian Insurance Industry Reform Act 2025 would not automatically translate into institutional transformation.$1:He said insurance must become a stronger pillar of President Bola Tinubu’s $1tn economy ambition by protecting productive assets, managing risks and mobilising long-term capital.
Outlook & Next Steps
Follow original publisher reporting for subsequent developments, official responses, and verified updates.
Key Takeaways
Verified Extract- Adesina said insurance firms must demonstrate their value by honouring valid claims rather than focusing mainly on collecting premiums.
- L-R Mr Akinjide Orimolade, President chartered institute of insurance of Nigeria Dr Akinwumi Adesina CON CGH Representative of the Minister of Finance Commisioner for insurance Mr oluSegun Ayo Omosehin Former President of the African Development Bank Group, Dr Akinwumi Adesina, has urged insurance companies in Nigeria to prioritise prompt claims settlement, transparency and accountability to rebuild public confidence in the industry.
- Adesina, who was named Global Ambassador for Insurance in Nigeria and Face of Insurance in the country at the conference, also called for stronger regulatory supervision and improved corporate governance in the sector.
Key Facts:Friday: According to a statement issued by his media office on Friday, Adesina made the call on Thursday while delivering the keynote address at the Nigeria Insurance Directors Conference organised by the Chartered Insurance Institute of Nigeria in collaboration with the National Insurance Commission in Lagos.2025: He cautioned that the ongoing recapitalisation exercise under the Nigerian Insurance Industry Reform Act 2025 would not automatically translate into institutional transformation.$1: He said insurance must become a stronger pillar of President Bola Tinubu’s $1tn economy ambition by protecting productive assets, managing risks and mobilising long-term capital.
Editorial Excerpt
Former President of the African Development Bank Group, Dr Akinwumi Adesina, has urged insurance companies in Nigeria to prioritise prompt claims settlement, transparency and accountability to rebuild public confidence in the industry.
Frequently Asked Questions About This Story
What is the latest development regarding Lagos State?
Adesina said insurance firms must demonstrate their value by honouring valid claims rather than focusing mainly on collecting premiums.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include Lagos State, Bola Ahmed Tinubu.
What timeline or key figures were confirmed?
According to a statement issued by his media office on Friday, Adesina made the call on Thursday while delivering the keynote address at the Nigeria Insurance Directors Conference organised by the Chartered Insurance Institute of Nigeria in collaboration with the National Insurance Commission in Lagos.
