L-R: General Counsel/Company Secretary, emPLE General Insurance ,Aderinola Adefulu; Managing Director, emPLE Life Assurance, Rantimi Ogunleye; Managing Director, emPLE General Insurance, Olalekan Oyinlade; Chief People Officer, emPLE General Insurance , Bukola Thomas; and Executive Director, Technical, emPLE Life Assurance, Jolaolu Fakoya; during emPLE’s strategic media interactive session on Thursday, October 10, 2024, in Lagos.
By David Akinmola
Thousands of Nigerians who suffered losses from death, business disruptions, accidents and other insured risks received over N7 billion in claims payouts in 2025 from emPLE, highlighting the growing role of insurance in cushioning households and busineses against economic shocks.
The insurer said the claims payment were made across its Life and General Insurance businesses, reflecting increasing demand for financial protection amid rising uncertainties and operational risks within the economy.
According to the company, more than N4.1 billion was paid under its Life Insurance business to support families and individuals dealing with bereavement and financial hardship, while over N3.6 billion was disbursed under General Insurance covering sectors such as energy, engineering, motor, marine cargo and maritime hull.
The payouts come at a time when businesses and households are grappling with economic pressures, inflation, health-related challenges and operational disruptions, reinforcing the imprortance of insurance as a financial safe net.
Speaking on the development, Chief Executive Officer,emPLE General Insurance Limited, Olalekan Oyinlade, said the company remained committed to supporting customers during period of adversity.
“Insurance, at its core, is a promise a sacred obligation to provide support in times of adversity, and in 2025, we honored that promise,” he said.
Oyinlade noted that despite evolving industry regulations under the New Insurance Industry Reform Act (NIIRA 2025), the company maintained operational resilience while strengthening underwriting standards and improving claims efficiency.
“As the industry evolves, particularly amid reforms shaping operating landscape, we remain focused on strengthening underwriting discipline, improving claims efficiency and building a more resilient business that consistently delivers value to customers and stakeholders,” he added.
Providing insight into the impact of the payouts, Managing Director,emPLE Life Assurance Limited, Jolaolu Fakoya, said several families were protected from severe financial distress through insurance support.
He cited the case of a 47-year-old breadwinner whose family received N112 million after his death from heart disease, helping to preserve the family’s financial stability.
Fakoya also disclosed that another family received N205 million following the loss of a 55-year-old relative, while a bereaved mother received N21 million after losing her son.
One of the beneficiaries, who spoke anonymously, said the insurance payout helped the family stay financially stable after the sudden death of their breadwinner.
“We were confused and emotionally devastated when we lost him, but the insurance support gave us relief at a time we needed it most. It helped us settle immediate responsibilities and secure the future of the children,” the beneficiary said.
Another beneficiary whose business suffered operational losses said the claims payment enabled the company to recover faster from disruption.
“The claims settlement came at the right time for our business. Without the support, restarting operations would have been extremely difficult considering the economic situation,” the policyholder stated.
Fakoya said the company remains focused on improving insurance penetration through simplified access, improved customer experience and stronger public trust in insurance products.
According to him, the experiences of beneficiaries continue to reinforce the importance of insurance as a critical financial support system for families and businesses facing uncertainty.
The company added that the N7 billion payout underscores its commitment to transforming insurance from a transactional service into a dependable support structure capable of helping Nigerians navigate life and business risks with greater confidence.
