Great Nigeria Insurance pays over N3bn claims, rebuilds trust

In a decisive move to reclaim its standing and restore market confidence, Great Nigeria Insurance (GNI) Plc has undertaken a comprehensive overhaul of its claims operations, clearing over N3 billion in claims.

Having reconstituted its board of Directors and Executive Management, GNI Plc took a bold resolution to confront structural and systemic challenges undermining its operations over the years. At the epicenter of these challenges is the accumulation of outstanding claims that had severely tarnished customer confidence and strained relationships with key industry stakeholders. The organization therefore, placed immediate claims settlement at the core of its corporate turnaround strategy.

Overcoming Legacy Obstacles
For years, delayed claims settlement served as a major pain point across Nigeria’s insurance landscape, eroding public trust in traditional underwriting institutions. Recognizing that prompt claims settlement remains the primary test of an insurer’s value proposition, GNI’s Executive Management placed its priority on financial restructuring to address long-standing obligations.

So far, the company has disbursed over N3 billion to individual policyholders and corporate clients nationwide in claims settlement. The liquidation of these liabilities marks one of the most aggressive debt-clearing exercises in the company’s recent history, signaling a clean break from operational bottlenecks.

Industry pundits have praised the move as a timely, targeted intervention and a necessary cure- one positioned to bring the insurance giant back to full strength.

“GNI RELOADED”: Re-engaging the Broker Community
To formalize this operational shift and rebuild crucial trade channels, Great Nigeria Insurance Plc hosted two strategic brokers’ fora themed “GNI RELOADED” in Ibadan and Lagos.

Given that insurance brokers facilitate a significant percentage of commercial and institutional policies in Nigeria, repairing ties with this community was vital. During both events, executive leadership presented the company’s restructured claims payment policy and turn-around time, and also outlined operational enhancements designed to streamline future underwriting and claims processing.
Key Outcomes of the GNI RELOADED Fora:
• Broker Verification: Participants publicly verified full settlement of their clients’ historic claims.
• Relationship Renewal: Insurance brokers expressed renewed interest in partnering with the reformed GNI entity.
• Operational Standard: Introduction of a strict 48-hour Turnaround Time (TAT) on claims with complete and verified documentation.

Testimonies from broker representatives in both regions confirmed that legacy accounts had been reconciled, with several firm principals expressing readiness to route new business portfolios back to GNI.

Institutionalizing the 48-Hour Turn-around Time
To prevent future backlogs and ensure long-term operational efficiency, GNI’s Executive Management has instituted a maximum 48-hour Turnaround Time (TAT) window for processing and paying verified claims.

Under this new service level agreement (SLA), once a claim is documented and verified by adjusters, payment authorization must occur within 48 hours. Management emphasizes that this policy is not merely a promotional promise, but an embedded operational mandate backed by streamlined digital workflows and revamped internal approval controls.

By combining substantial capital deployment with structural service delivery reforms, Great Nigeria Insurance Plc aims to position itself as a reliable and responsive player in Nigeria’s evolving financial services sector.
The next GNI RELOADED has been scheduled to take place in Abuja on Thursday, 19th November 2026, as the company continues its engagement with the broker community.