WorldStage– KBL Insurance Ltd Managing Director Lawal Minjiyawa said the company has made progress in its effort to meet the new capitalization requirement the National Insurance Commission (NAICOM) set for July ending.
The company has secured investors’ commitment to meet the requirements in order to strengthen the insurer’s financial capacity, underwriting strength, and competitive position in the industry.
“This achievement further reinforces our financial stability and positions us to harness emerging opportunities within the industry,” he said in a May 20 statement.
He also added that the investors’ commitment reflects the growing confidence in the Company’s governance structure, operational performance, and long-term strategic direction.
“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 said.
The statement also disclosed the company paid claims totaling N3.7 billion during the 2025 financial year, and N1.3 billion between January and April 2026.
The settlements covered different categories of insurance business, and the promptness of the response, the release stated, further demonstrated the company’s responsiveness in providing timely financial relief to policyholders during periods of loss and uncertainty.
“The true test of an insurance institution lies in its ability to settle genuine claims promptly, fairly, and efficiently,” he said.
