Inductees into Chartered Insurance Institute of Nigeria have been handed the responsibility of changing the negative narrative that “has been shaped for us, not by us” because “negative stories overshadow thousands of genuine payouts.”
This charge was made by the Managing Director at ConsolidatedHallmark Assurance Plc Mrs. Mary Adeyanju, as guest speaker at Year 2025 Induction & Awards Ceremony with the theme, The Insurance Professionals Journey: From Qualification to Ethical Stewardship and Public Confidence, on Wednesday December, 10 2025 at the College of Insurance and Financial Management, Asese, Ogun State.
Adeyanju reiterated that the insurance does not pay narrative is a common misconception, and all professionals have a duty to stamp it out because the survival of the economy rests on the insurance industry and this she cleared, has been proven with high payouts annually to businesses and individuals.
Starting with figures that insurance does pay and the numbers are undeniable, the guest speaker rolled out stats from 2022 – 2024. For the base year 2022, total claims paid, life and non-life was N213bn (Life: 117.5bn, Non-Life N95.5bn. In 2023, total claims paid: N334.3bn: (Life N215.5bn, Non-Life N118.8bn. Then comes 2024 with total claims paid, N490.7bn. In three years (2022 – 2024) the Nigerian insurance industry paid over N1,038tr in genuine claims. “These are real payouts to real Nigerians – families, motorists, businesses, factories, and communities,” she declared.
Riding on the back of high claims pay and content that its undeniable, Adeyanju advised inductees, “Today, you join a profession that protects people, businesses, and economies. As you step into this responsibility;
Let integrity be your compass in every decision
Let professionalism be your non-negotiable identity
Let ethical stewardship be the hallmark of your career
“You are the new custodians of trust. The future of the Nigerian insurance industry will be shaped not by policy papers or capital structures, but by your individual character, conduct, and courage. always to do what is right.”
