Alliance & General Insurance Plc has initiated a strategic ‘Extra Mile’ Customer Service Week (CSW) 2026 commitment to brokers in the insurance industry on the strength of its recent recapitalisation success.

Mrs. Felicia Bolajoko David, Managing Director/CEO, Alliance & General Insurance Plc stated in an address to the Nigerian Council of Registered Insurance Brokers (NCRIB) that the company is well positioned to partner the broking business community to achieve market success on the back of a five-point agenda beneficial to both parties.

She named the five-point plan as follows:

• One: every brokerage that works with us will have a named relationship contact and a clear claims escalation path, so you never have to wonder who to call.
• Two: you’ll hear about the progress of your client’s claim before your client does. We will not go around the broker.
• Three: within the terms of the policy, we’ll look for a way to establish and settle a valid claim, not a reason to decline it.
• Four: where liability is clear and the client’s business depends on it, we’ll consider interim payments rather than make clients wait for the final figure.
• Five: your commissions will be settled promptly and transparently, because your business must grow too. I’m not asking you to take these words on trust. I’m asking you to test them. Place your next risk with Alliance & General and judge us by how we behave on the night of the fire, not by what we say on a morning like this.

The A&G CEO said the company is ready to deliver value to brokers in a symbiotic relationship, as well as to the general insuring public in the spirit of the ‘Extra Mile’ concept of CSW 2026.

In her address, she said:

“In 2026, Alliance & General completed its recapitalisation and we received our new certificate of operation from NAICOM. It means greater capacity to write larger risks, to retain more and to stand firmly behind the promises your clients are trusting you to keep. When you place a risk with A&G, you’re placing it with a company that has done the work required to meet the new standard of this industry. It requires proximity. Through our regional offices and branch network, we’re closer to your clients across the country. And it requires building for the future. We’re investing in our people, our processes and our digital capability-so that service is not dependent on one good officer on one good day, but is built into how the company works.”

She commended the Governing Board of NCRIB for the support, customer service professionals in brokerages and insurance companies alike with a promise that the week belongs to them.

Going down memory lane, she added:

“I Was One of You. Before I sat in the chair of an insurance company as CEO, I was a broker. I started my career in claims in 1992. I then spent close to two decades in broking, first at Glanvill Enthoven and later at FBN Insurance Brokers.”

The recent conclusion of the recapitalisation exercise in the insurance industry in Nigeria signals a sure and sustainable path towards strong capital base for insurers and remarkable market growth in the foreseeable future.

The positive scenario is also expected to deliver additional value for policyholders, businesses and the Nigerian economy going forward.

After the July 31, 2026 official deadline, the industry regulator, National Insurance Commission (NAICOM) confirmed that 48 insurance companies and two reinsurers met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 while six insurance licences were cancelled after the affected operators failed to meet the regulatory threshold.

Without doubt, the capital raise exercise has significantly altered the competitive structure of the insurance industry considering the infusion of about N1.079 trillion which was mobilised through the recapitalisation exercise, comprising fresh capital and existing funds that strengthened the financial position of operators.

But as the industry enters the post-recapitalisation era, questions are increasingly being raised about whether the new capital will translate into better underwriting capacity, faster claims settlement, greater domestic retention of risks and, ultimately, wider insurance coverage.

For an industry whose penetration remains below one per cent, the significance of the reform therefore extends beyond balance sheets.

The commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, has repeatedly stressed that recapitalisation was never intended to be an end in itself.

Omosehin emphasised that additional capital must create the capacity to underwrite larger and more complex risks, pay claims, innovate, improve customer experience and retain more risks within Nigeria. He has also identified claims payment as one of the most visible measures of the value of insurance to policyholders.

For years, the debate around insurance capacity has centred on inadequate capital, weak balance sheets and the inability of local operators to retain substantial portions of major oil and gas, aviation, marine, infrastructure and other specialised risks.

The new capital base should give insurers greater financial capacity to compete for such risks. It could also reduce excessive dependence on foreign markets and allow more insurance premiums and risk-management expertise to remain within the domestic economy.

The industry still faces a trust deficit, limited consumer awareness, affordability constraints, weak distribution networks and concerns around the speed and experience of claims settlement. These challenges are particularly important because the ultimate measure of an insurance policy for most customers is what happens when a loss occurs.

The NIA Chairman, Ebelechukwu Nwachukwu, has acknowledged this broader challenge, saying the reform should be used to strengthen market conduct, consumer confidence, innovation and the industry’s contribution to the economy.

Nwachukwu described the recapitalisation process as a foundation for stronger players with the capacity to underwrite large and complex risks, mobilise long-term capital and invest in digital transformation. She also stressed that the real test would be converting stronger balance sheets into underwriting capacity, innovation, improved claims service and wider insurance penetration.

This is particularly significant as NAICOM moves into the next phase of regulatory reform.

The commission has appointed Ernst & Young as consulting actuary for the implementation of a Risk-Based Capital (RBC) framework, which will align insurers’ capital requirements more closely with the risks inherent in their businesses.

NAICOM said the framework is intended to strengthen financial stability and policyholder protection.

The implication is that the industry may no longer be able to view the new minimum capital threshold as a permanent finish line.

Instead, insurers will increasingly be assessed on the quality and risk profile of their businesses, governance, capital adequacy, underwriting practices and ability to withstand shocks.

Industry observers also see the recapitalisation as an opportunity for insurers to invest more aggressively in technology, data, product development and alternative distribution channels.

The Chief Executive Officer (CEO) of Consolidated Hallmark Insurance, Mary Adeyanju said, stronger capital should create opportunities for greater collaboration between insurers and brokers, investment in technology and development of products that respond more closely to consumers’ needs.

For brokers, whose relationship with policyholders gives them a direct view of consumer concerns, the post-recapitalisation challenge will be to ensure that the stronger financial position of insurers translates into products that customers understand, can afford and consider valuable.

A larger capital base creates an opportunity to take on bigger risks, but it also creates pressure to generate adequate returns for shareholders who provided the funds. That could force operators to become more disciplined about underwriting, pricing, risk selection, operating costs and technology investment.

The recapitalisation has reduced the number of licensed operators and is likely to leave a more concentrated market, with stronger institutions competing for business across major corporate and retail segments. While this may create economies of scale and improve financial resilience, the industry will also need to ensure that consolidation does not weaken competition or reduce product choices for consumers.

NAICOM has already warned newly licensed operators that the next phase requires prudent utilisation of capital, stronger corporate governance, transparency and accountability.

The regulator has equally made it clear that its expectations now go beyond compliance.

The commission wants insurers to deploy the new capital towards larger risks, stronger claims-paying capacity, innovation and improved customer service while increasing the industry’s contribution to infrastructure financing and economic development.

For policyholders, therefore, the most important question after recapitalisation may be relatively simple: what changes when a claim is made?

If the answer is faster settlement, fewer disputes, better service and stronger financial protection, the reform would begin to demonstrate its value beyond the financial statements of insurance companies.

If the additional capital merely produces larger balance sheets without materially expanding coverage, improving claims experience or bringing millions of uninsured Nigerians into the formal insurance market, the broader objective of the reform would remain unfinished.

The post-recapitalisation era is consequently less about celebrating the amount of capital raised and more about converting that capital into capacity.

NAICOM has framed the next stage around stronger underwriting, claims payment, innovation, governance and consumer protection, while the NIA has called for the industry to build on the reform to deepen confidence and penetration.

With the recapitalisation hurdle now behind the industry, the harder assignment begins: turning stronger insurers into a stronger insurance market.

AXA Mansard Insurance Plc has unveiled a new strategic effort aimed at deepening insurance penetration in Nigeria.

The company is positioning protection not only as a financial safeguard for individuals and businesses but also as a critical driver of economic resilience and long-term national growth.

Speaking at the launch of the company’s new pan-African ‘Culture of Care’ campaign, Chief Executive Officer of AXA Mansard Insurance Plc, Kunle Ahmed, said the initiative reflects the company’s commitment to helping more Nigerians understand the role protection plays in securing livelihoods, strengthening businesses, and building a more resilient economy.

The campaign is built around the idea that care and protection are deeply connected, and that insurance is one of the most practical ways to translate care into long-term security.

According to Ahmed, broadening access to insurance is an important step toward closing Nigeria’s protection gap and unlocking greater economic confidence.

“Every day, Nigerians demonstrate a culture of care through the sacrifices they make for their families, employees, customers, and communities. Insurance is an extension of that care because it helps protect what people have worked hard to build,” he said.

“Insurance is economic infrastructure. It helps families recover from setbacks, gives businesses the confidence to invest and grow, and supports economic stability by enabling people to plan for the future with greater certainty,” he added.

The Culture of Care campaign seeks to reframe conversations around insurance by connecting protection to values Nigerians already understand and practise. By encouraging a stronger appreciation for the role of protection in everyday life, AXA Mansard hopes to contribute to increased insurance adoption across households, small businesses, and larger enterprises.

For businesses, stronger insurance uptake translates into improved resilience against operational disruptions, unforeseen losses, and emerging risks. For households, it reduces financial vulnerability and helps preserve hard-earned savings when unexpected events occur. According to Ahmed, these benefits ultimately extend beyond individual policyholders to the wider economy.

“As Nigeria pursues greater economic transformation, we must build institutions and systems that make individuals, families, and businesses more resilient. Protection gives people confidence. Confidence encourages investment. Investment drives growth,” he said.

The CEO also highlighted the significance of ongoing reforms within the insurance industry, noting that a stronger and more trusted insurance sector can play an increasingly important role in supporting entrepreneurship, attracting investment, and facilitating sustainable economic development.

At the heart of the campaign is AXA’s belief that protection should be viewed not merely as a response to risk, but as an enabler of progress. By encouraging more Nigerians to embrace protection as part of everyday financial planning, the company believes the insurance industry can make a stronger contribution to the country’s development aspirations.

“Building a prosperous nation requires more than ambition. It requires confidence, resilience, and the ability to withstand uncertainty,” Ahmed said. “Through the Culture of Care, we are helping to promote a mindset that values protection as a foundation for progress. Stronger protection creates stronger families, stronger businesses, and ultimately a stronger economy.”

The campaign forms part of AXA Mansard’s broader commitment to advancing financial inclusion, expanding protection and contributing to the development of a more resilient and prosperous Nigeria.

AXA Mansard Investment Limited has highlighted the critical role of financial security in helping individuals, families and communities build resilience, calling for greater focus on long-term financial wellbeing as a key component of sustainable economic development.

Speaking at the unveiling of AXA’s Culture of Care campaign, Chief Executive Officer of AXA Mansard Investment Limited, Deji Tunde-Anjous, said the campaign reflects a broader conversation about what it truly means to care for people, not only in the present, but also in the future. According to him, care is often expressed through sacrifice and support, but one of its most enduring expressions is helping people achieve financial security and peace of mind.

“Financial security is one of the most powerful forms of protection,” said Tunde-Anjous. “It allows people to face uncertainty with greater confidence, pursue opportunities with courage, and build futures that are not defined by fear or vulnerability.”

He noted that while care is deeply embedded in Nigerian society, many individuals devote significant time and resources to supporting others while overlooking their own long-term financial wellbeing. Parents invest in their children’s futures, entrepreneurs create opportunities for employees, and professionals provide support for extended family members and dependents. These everyday acts of responsibility are a reflection of care, but they also underscore the need for stronger financial preparedness.

According to him, the Culture of Care campaign aims to encourage a broader understanding of protection, one that extends beyond immediate needs to include long-term financial resilience.

“Saving, investing, planning for retirement, building wealth, and preparing for future responsibilities are all acts of care,” he said. “They are ways people protect not only themselves, but also the people who depend on them.”

Tunde-Anjous explained that financially secure households are better positioned to weather economic disruptions, invest in education, pursue entrepreneurial opportunities, and contribute productively to national development. As more people build financial resilience, communities become stronger and economic growth becomes more sustainable.

He described financial well-being as an often-overlooked foundation of prosperity, stressing that economic progress is strongest when individuals and families have the confidence to plan beyond immediate challenges.

“A prosperous nation is built on financially secure people,” he said. “When individuals have the tools and confidence to prepare for the future, they make better decisions, seize opportunities and contribute more meaningfully to economic growth.”

The AXA Culture of Care campaign is built on the premise that protection takes many forms. While healthcare and insurance remain essential pillars of protection, financial security plays an equally important role in enabling people to thrive, preserve wealth, and pursue their aspirations with confidence.

For AXA Mansard Investment, this means helping individuals transform today’s earnings into tomorrow’s opportunities through disciplined investing, wealth preservation, and long-term financial planning. However, Tunde-Anjous emphasised that the campaign’s broader objective is not about products, but about fostering a mindset that values preparation, responsibility, and resilience.

“The deepest expression of care is ensuring that the people we love, and the futures we are building, remain protected long after today’s challenges have passed,” he said. “When more Nigerians are financially secure, families become stronger, communities become more resilient, and the nation becomes more prosperous.”

Through the Culture of Care campaign, AXA Mansard Investment is reinforcing its commitment to advancing financial wellbeing and encouraging more Nigerians to see financial planning as an act of care for themselves, their families, and future generations.

L-R: Dr. Abimbola Tiamiyu, Registrar, CIIN; Wole Fayemi, Managing Director/CEO, Heirs General Insurance; Dr. Osinowo Ibrahim, CEO, Moriahrick International & Risk Consulting Limited and Terry Ferdinand, Founder and Managing Partner, Camferd Partners Nigeria Limited during a panel session at the BusinessDay Insurance Conference.

“Customers do not judge insurance by promises; they judge it by claims. Every claim paid is an opportunity to build trust.”

Wole Fayemi, Managing Director/CEO of Heirs General Insurance, has challenged insurers to rebuild public confidence and deepen insurance penetration through prompt claims payment, customer-focused innovation and easier access to insurance solutions.

Fayemi joined other leading voices in Nigeria’s insurance industry for the panel session, “Driving Insurance Penetration: Innovation, Distribution & Customer Trust”, at the BusinessDay Insurance Conference held on September 23, where he helped shape the conversation on practical strategies for accelerating insurance adoption across the country.

According to Fayemi, the industry’s growth ambitions will depend not only on stronger capital positions but also on its ability to consistently deliver on its promise to customers.

“Customers must be confident that insurers will fulfil their promises when it matters most. Trust is fundamental to the insurance proposition, and it is earned through action, not messaging. Every claim settled promptly, every commitment honoured and every positive customer experience strengthens confidence in the industry”

He cited Heirs Insurance Group’s claims performance as evidence of the role claims fulfilment plays in building credibility and encouraging wider adoption of insurance.

“At Heirs Insurance Group, we have remained committed to delivering on our promise to customers. In 2025 alone, our companies paid ₦19.4 billion in claims, with seven out of every ten claims settled within 48 hours. We believe the most effective way to build confidence in insurance is by ensuring customers experience its value first-hand”.

He also highlighted the Group’s investments in digital innovation as creating moments for customer value. Such initiatives include the SimpleLife App, USSD services for customers without smartphones, and PrinceAI, its multilingual AI-powered assistant that enables customers to interact with the company in their preferred language.

Fayemi further noted that the successful recapitalisation of the insurance industry presents a unique opportunity to translate stronger capital capacity into meaningful value for customers. However, sustainable growth will not be driven by capital alone, but by the industry’s ability to innovate, expand access and develop solutions that address the realities of everyday Nigerians.

The BusinessDay Insurance Conference 2026, themed “From Capital to Capacity: Driving Innovation and Trust in Nigeria’s Insurance Sector,” brought together key stakeholders across the insurance ecosystem to discuss strategies for strengthening customer confidence, broadening distribution and accelerating industry growth.

About Heirs Insurance Group

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

As the world marks Customer Service Week 2026, Sovereign Trust Insurance Plc has reaffirmed its commitment to delivering exceptional service and creating meaningful experiences for its customers, in line with this year’s theme, “The Extra Mile.”

Commenting on the significance of the week, the Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, Mr. Lucas Durojaiye, said that going the extra mile is more than simply meeting expectations; it is about demonstrating genuine commitment to customers at every point of their journey.

“At Sovereign Trust Insurance, we believe that excellent customer service is not a one-time effort. It is a commitment that must be reflected in every interaction, every response, and every solution we provide. Going the extra mile means listening more closely, responding more promptly, understanding our customers’ needs and doing what we can to make their experience with us better,” he said.

The MD noted that in the insurance industry, where trust and reliability are fundamental, customer service plays a critical role in building lasting relationships. He added that the Company remains focused on leveraging its people, processes and technology to make insurance simpler, more responsive and more accessible to its customers.

He further appreciated Sovereign Trust Insurance customers for their continued confidence and patronage, while encouraging employees to remain intentional about creating positive experiences.

“Our customers are at the heart of what we do, and this year’s theme is a timely reminder that every member of our team has a role to play in delivering on our promise. The extra mile may sometimes be a small gesture, a timely response or simply taking the time to understand a customer’s concern. But those moments matter, and they are what build trust,” he added.

As part of its Customer Service Week activities, Sovereign Trust Insurance is celebrating its employees and reinforcing the importance of a customer-first culture across its branches and business operations.

The company remains committed to providing innovative insurance solutions and service experiences that protect what matters most to its customers while strengthening its position as a trusted partner in their financial and personal journeys.

About 28 insurance and pension regulators and operators have provided corporate partnership and support towards the upcoming 11th edition of the Nigerian Association of Insurance and Pension Editors (NAIPE) Annual Conference scheduled to hold in Lagos.

This is even as the timing of the event scheduled to hold on Thursday, October 8, 2026 at Oriental Hotel, Victoria Island, Lagos, has been shifted from 9:00am to 12:00pm same day.

This is to allow insurance operators, who will be attending Insurers Committee meeting earlier that day, conclude their meeting and attend the conference.

The national conference with a focus on the emerging market dynamics in Nigeria’s insurance and pension sectors, followed the just concluded recapitalisation exercise in the insurance sector and ongoing exercise in the pension industry.

Themed: “Post-Recapitalisation and Market Dynamics in Insurance & Pension Sectors,’ the Chief Executive Officer of United Capital Asset Management Limited, Dr. Odiri Oginni will deliver the keynote address, focusing on the insurance perspective while Mr. Oguche Aguda, Founder and Managing Partner of HRISP Partners will equally deliver a paper on the theme, focusing on the pension perspective.

The Group Managing Director of Custodian Investment Plc, Mr. Wole Oshin will chair the event.

According to NAIPE, the conference is coming at a critical period for the two sectors, as insurance operators have just concluded their recapitalisation exercise while pension operators are expected to conclude theirs in 2027.

The high-level discourse will therefore examine how funds raised through recapitalisation can be strategically invested and deployed to generate stronger returns, deepen market confidence and improve service delivery to shareholders and policyholders.

Expected dignitaries include the Commissioner for Insurance & Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin; Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran; chief executives of insurance companies, broking firms, investment and securities companies and Pension Fund Administrators (PFAs), as well as regulators, labour unions, students and other stakeholders.

Speaking ahead of the conference, Chairperson of NAIPE, Mrs. Ebere Nwoji said the annual gathering provides a platform for insurance and pension journalists to contribute to the development of both sectors by promoting greater public understanding of insurance and pension as instruments for financial security and protection against old-age poverty.

Nwoji expressed appreciation to operators and regulators in the two sectors for their continued support for the conference, stressing that the benefits derived from the annual event outweighs the resources committed in organising it.

She described this year’s theme as timely, given the significant structural changes taking place in the insurance and pension industries through recapitalisation.

The NAIPE chairperson, particularly commended the leadership of NAICOM for successfully concluding the insurance industry’s recapitalisation exercise, describing it as a major achievement for the Commission.

She also expressed optimism that the pension industry under the leadership of Ms. Omolola Oloworaran, would achieve a seamless and successful recapitalisation exercise.

“The conference would provide operators with an opportunity to gain insights into prudent and judicious investment of the capital raised through the recapitalisation process.

“I am confident that speakers at the event would provide practical perspectives on how insurance and pension operators can deploy their strengthened capital bases to deliver superior investment returns while enhancing value for investors, shareholders and policyholders” she affirmed.

Meanwhile, NAICOM, PenCom, SanlamAllianz, Veritas Kapital and 24 others have offered their support and partnership towards the hosting of the conference.