As Nigeria’s insurance industry prepares for a major transformation, SUNU Group has pledged its unwavering commitment to meet any recapitalisation thresholds set by regulators.
Speaking at a Business Dinner Meeting with insurance brokers in Lagos, Deputy Chief Executive Officer of SUNU Group, Karim-Franck Dione, assured stakeholders that the group is fully equipped to align with the industry’s evolving capital requirements.
“We believe in Nigeria, and we are here to stay,” Dione declared. “SUNU is a group with strong financial resources. Whatever level of recapitalisation is required, we are ready and able to meet it. This is a commitment our major shareholders have made alongside the board and management team.”
The Nigerian Insurance Industry Reform Bill, which is awaiting presidential assent, proposes a significant increase in minimum capital requirements:
- Life insurance: from ₦2 billion to ₦10 billion
- Non-life insurance: from ₦3 billion to ₦15 billion
- Reinsurance companies: from ₦10 billion to ₦35 billion
Nigeria: A Land of Opportunity, Despite Challenges
Dione acknowledged that operating in Nigeria comes with its unique hurdles but remains optimistic about the market’s vast potential.
“Doing business in Nigeria isn’t always easy, but the opportunities here are unmatched. Nigeria is the largest market in sub-Saharan Africa outside South Africa. The economic strength, human capacity, and sheer potential make it the place to be for any serious investor in Africa,” he said.
Highlighting challenges such as inconsistent power supply, inadequate infrastructure, and complex regulations, Dione emphasized the importance of local partnerships.
“If you don’t identify the right people to work with, navigating the business landscape can be complicated. But with the right team and intelligence on the ground, progress is inevitable,” he added.
Driving Insurance Awareness and Penetration
On the issue of insurance penetration, Dione stressed that enforcement and compulsory coverage are crucial to industry growth.
“Every building should be covered against fire, and public structures must be insured. Enforcement is key. Without it, progress will be slow because not everyone understands the value of insurance,” he explained.
Reinforcing this point, Samuel Ogbodu, Managing Director/CEO of SUNU Assurances Nigeria PLC, cited lack of awareness as a major factor limiting insurance adoption.
“Many Nigerians are unaware of the benefits of insurance. At SUNU, we’re working hard to change that narrative – educating people about how insurance protects them and their businesses,” Ogbodu said.
He added that SUNU’s customer-centric approach prioritizes prompt claims settlement:
“Our policy is clear: if a claim is genuine and the premium paid, compensation must be immediate. Policyholders should never suffer unnecessarily. That is the SUNU standard.”
Ogbodu also commended insurance brokers for their trust and partnership, assuring them of SUNU’s readiness to collaborate further and deliver on its promise to Nigerian customers.
