By LOVETH AZODO, Lagos
emPLE has paid over N7 billion in claims in 2025 across its life and general insurance businesses, underscoring the growing role of insurance as a financial safety net for Nigerian families and businesses grappling with economic uncertainties and unexpected losses.
The underwriting firm said the claims payouts reflected its commitment to supporting policyholders through difficult moments while strengthening confidence in the insurance sector amid ongoing reforms under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to the company, more than N4.1 billion was paid within its life insurance business, while over N3.6 billion was disbursed under its general insurance operations covering sectors such as energy, engineering, motor, marine cargo, and marine hull.
The insurer noted that beyond the financial figures, the payouts represented real-life interventions that helped individuals and businesses recover from tragedy, operational disruptions, and economic shocks.
Chief Executive Officer of emPLE General Insurance Limited, Olalekan Oyinlade, said insurance remains fundamentally about fulfilling promises to customers during periods of adversity.
“Insurance, at its core, is a promise — a sacred obligation to provide support in times of adversity — and in 2025, we honoured that promise,” he said.
According to him, the company remains focused on improving underwriting discipline, strengthening claims efficiency, and building a more resilient institution capable of delivering long-term value to policyholders and stakeholders despite evolving industry dynamics.
Also speaking, Managing Director of emPLE Life Assurance Limited, Jolaolu Fakoya, highlighted some of the human stories behind the claims settlements, describing insurance as a critical instrument for preserving dignity and financial stability in moments of loss.
He disclosed that the company paid N112 million to the family of a 47-year-old breadwinner who died from heart disease, ensuring continuity and financial stability for the deceased’s dependants.
Fakoya also cited another case where a grieving mother received a N21 million insurance payout following the death of her son, while another family received N205 million after losing a 55-year-old loved one.
According to him, such interventions demonstrate the unique role insurance plays in protecting families against the devastating financial consequences of unexpected events.
“In Life Insurance, our role in providing reassurance in moments of uncertainty is close to our heart,” he said.
Fakoya added that the company would continue to focus on expanding insurance penetration by simplifying access to products, improving customer experience, and rebuilding public trust in insurance solutions.
Industry analysts say rising claims payouts by insurers have increasingly become a major indicator of financial strength and operational credibility within Nigeria’s insurance market, especially at a time when regulators are intensifying reforms aimed at improving consumer confidence and strengthening industry capacity.
The Nigerian insurance industry is currently undergoing a recapitalisation and regulatory transition under NIIRA 2025, which seeks to reposition operators for stronger solvency, improved service delivery, and wider insurance penetration across the country.
Against this backdrop, analysts noted that timely claims settlement remains one of the most critical tools for improving public perception of insurance and driving adoption among Nigerians who still remain largely uninsured.
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