Stakeholders Urge Insurance, Pension Operators to Prioritise Customer Value
Ebere Nwoji Stakeholders in the insurance and pension sectors have urged operators of the two sectors to deploy funds raised through recapitalisation to improve services, develop innovative products and strengthen
Nigeria's insurance and pension industries have both undergone, or are undergoing, regulator-driven recapitalisation exercises aimed at shoring up the capital base of operators, following years of concern over weak balance sheets, low claims-paying capacity and poor public trust in the sectors. NAICOM has pushed insurers to raise minimum capital thresholds, while PenCom oversees pension fund administrators managing retirement savings under the Contributory Pension Scheme. Both sectors remain under-penetrated in Nigeria, with low insurance uptake and persistent complaints about service delivery, slow claims settlement and limited product innovation.
Against this backdrop, stakeholders are reportedly calling on operators not to treat fresh recapitalisation funds merely as a compliance exercise, but to channel the capital into better service delivery, innovative products and stronger customer relationships. The coverage from ThisDay and Vanguard is closely aligned, both framing the appeal around converting new capital into tangible value for policyholders and pension contributors, though neither report details specific figures, timelines, or which stakeholders issued the call.