KBL pays over N5bn in claims, pushes recapitalisation plans

KBL Insurance Limited has reinforced its standing as a dependable and customer-focused underwriting institution with the payment of over N5 billion in claims across multiple insurance categories within the last sixteen months.

The Company disclosed that it paid claims totalling N3.66 billion during the 2025 financial year, while an additional N1.34 billion was settled between January and April 2026. The cumulative payout reflects KBL’s strong financial footing, operational resilience, and unwavering commitment to meeting obligations with efficiency and professionalism.

The settlements, spanning diverse classes of insurance business, further demonstrate the Company’s responsiveness in providing timely financial relief to policyholders during periods of loss and uncertainty.

Speaking on the development, Lawal Mijinyawa, managing director/CEO of KBL Insurance Limited, described prompt claims settlement as one of the most credible indicators of trust and institutional integrity within the insurance industry.

“At KBL, we understand that insurance extends beyond policies and documentation; it is fundamentally about honouring our promises when customers need us most. The true test of an insurance institution lies in its ability to settle genuine claims promptly, fairly, and efficiently,” he stated.

Mijinyawa noted that the Company’s claims record reflects not only financial stability, but also a culture anchored on professionalism, operational excellence, and superior service delivery.

“Our consistent claims settlement culture mirrors the confidence our customers place in us and our determination to exceed expectations. Beyond the statistics are businesses restored, families supported through adversity, and individuals empowered to move forward with renewed assurance,” he added.

He further disclosed that KBL is recording a very significant progress with its recapitalisation programme as part of a broader strategic growth and transformation agenda.

According to him, the Company has successfully secured investor commitment towards the initiative, a milestone expected to strengthen its financial capacity, underwriting strength, and competitive position within Nigeria’s insurance landscape.

“As part of our long-term vision for sustainable growth and enhanced service delivery, KBL has secured investor participation towards its recapitalisation programme. This achievement further reinforces our financial stability and positions us to harness emerging opportunities within the industry,” he said.

He explained that the development reflects growing investor confidence in the Company’s governance structure, operational performance, and long-term strategic direction.

“The successful investment commitment is a strong endorsement of the KBL brand and its future prospects. 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 stated.

He further assured policyholders, brokers, business partners, and stakeholders of the Company’s continued commitment to sound corporate governance, financial discipline, transparency, and customer-oriented operations as it consolidates its market presence.

KBL also reiterated its resolve to leverage innovation, digital transformation, and operational efficiency to enhance customer experience and improve turnaround time across its operations.

Over the years, KBL Insurance Limited has built a strong reputation founded on professionalism, integrity, reliability, and seamless service delivery. The Company noted that its expanding claims portfolio and sustained strategic investments continue to reinforce stakeholder confidence and validate its position as a trusted player within Nigeria’s insurance industry.

As part of its long-term objectives, KBL stated that it would continue investing in human capital development, technology-driven solutions, operational efficiency, and product innovation aimed at delivering greater value to customers and stakeholders.