️ SUNU Group Signals Strong Commitment to Nigerian Insurance Market – Promises Full Compliance with Recapitalisation Requirements
In a bold show of confidence in Nigeria’s insurance landscape, SUNU Group, the parent company of SUNU Assurances Nigeria Plc, has announced its readiness to meet all regulatory requirements under the forthcoming Nigerian Insurance Industry Reform Bill, which is currently awaiting presidential assent.
This assurance was made during a recent Business Dinner Meeting held in Lagos, in honour of SUNU Group executives visiting from Senegal. The event brought together key insurance brokers and industry stakeholders.
What’s Changing in the Insurance Landscape?
The Insurance Reform Bill proposes a significant increase in the minimum capital requirements for operators in the sector:
• Life Insurance Companies: From ₦2 billion to ₦10 billion
• Non-Life Insurance Companies: From ₦3 billion to ₦15 billion
• Reinsurance Companies: From ₦10 billion to ₦35 billion
In addition to financial thresholds, the bill also aims to:
• Strengthen consumer protection
• Promote transparency and fairness
• Establish a more robust regulatory framework
️ SUNU Group’s Stand: “We Are In Nigeria to Stay”
Deputy CEO of SUNU Group, Karim-Franck Dione, emphasized the company’s long-term commitment to Nigeria:
“We believe in Nigeria, and we are in Nigeria to stay… SUNU is a group with financial resources. Whatever the level of capitalisation, we will meet it. It’s a commitment our major shareholders have taken, with the full support of our board and management.”
Dione acknowledged the complexities of doing business in Nigeria, including infrastructure challenges and regulatory hurdles, but stressed that the economic potential far outweighs the difficulties.
“Nigeria is the biggest market in sub-Saharan Africa, outside South Africa. The people are competent, and the opportunities are massive. This is where any serious African insurer should be.”
Addressing Market Challenges
Dione didn’t shy away from highlighting real challenges in the operating environment:
• ⚡ Power supply remains a major barrier for businesses
• ️ Poor infrastructure and roads slow down logistics and operations
• ️ Regulatory complexity and stiff market competition (with 56 players in general insurance alone) create additional pressure
Despite this, SUNU Group is optimistic about the future, citing its strategy of identifying the right local partners and building capacity for sustainable growth.
Tackling Insurance Penetration in Nigeria
On the issue of low insurance penetration, both Dione and Samuel Ogbodu, MD/CEO of SUNU Assurances Nigeria Plc, pointed to the urgent need for:
• Enforcement of compulsory insurance policies (e.g., fire insurance for buildings, public liability)
• Public awareness and education on the benefits of insurance
• ✅ Prompt and consistent claims payment, to build trust with policyholders
Ogbodu emphasized that SUNU is actively working to raise awareness, build trust, and ensure fair treatment of clients.
“We don’t want policyholders to suffer. If the claim is genuine and premium is paid, it must be settled immediately.”
Partnership with Brokers
Ogbodu also appreciated the role of insurance brokers in supporting SUNU’s growth, reaffirming the Group’s openness to deeper collaboration and better service delivery to Nigerians.
In Summary
SUNU Group’s statements reflect:
• Financial strength and readiness for regulatory change
• A firm belief in Nigeria’s long-term growth story
• A strategic approach to overcoming market challenges
• A commitment to deepening insurance penetration and service quality
This is a strong signal that the Nigerian insurance industry is preparing for transformation — and SUNU intends to play a leading role.
In a bold show of confidence in Nigeria’s insurance landscape, SUNU Group, the parent company of SUNU Assurances Nigeria Plc, has announced its readiness to meet all regulatory requirements under the forthcoming Nigerian Insurance Industry Reform Bill, which is currently awaiting presidential assent.
This assurance was made during a recent Business Dinner Meeting held in Lagos, in honour of SUNU Group executives visiting from Senegal. The event brought together key insurance brokers and industry stakeholders.
What’s Changing in the Insurance Landscape?
The Insurance Reform Bill proposes a significant increase in the minimum capital requirements for operators in the sector:
• Life Insurance Companies: From ₦2 billion to ₦10 billion
• Non-Life Insurance Companies: From ₦3 billion to ₦15 billion
• Reinsurance Companies: From ₦10 billion to ₦35 billion
In addition to financial thresholds, the bill also aims to:
• Strengthen consumer protection
• Promote transparency and fairness
• Establish a more robust regulatory framework
️ SUNU Group’s Stand: “We Are In Nigeria to Stay”
Deputy CEO of SUNU Group, Karim-Franck Dione, emphasized the company’s long-term commitment to Nigeria:
“We believe in Nigeria, and we are in Nigeria to stay… SUNU is a group with financial resources. Whatever the level of capitalisation, we will meet it. It’s a commitment our major shareholders have taken, with the full support of our board and management.”
Dione acknowledged the complexities of doing business in Nigeria, including infrastructure challenges and regulatory hurdles, but stressed that the economic potential far outweighs the difficulties.
“Nigeria is the biggest market in sub-Saharan Africa, outside South Africa. The people are competent, and the opportunities are massive. This is where any serious African insurer should be.”
Addressing Market Challenges
Dione didn’t shy away from highlighting real challenges in the operating environment:
• ⚡ Power supply remains a major barrier for businesses
• ️ Poor infrastructure and roads slow down logistics and operations
• ️ Regulatory complexity and stiff market competition (with 56 players in general insurance alone) create additional pressure
Despite this, SUNU Group is optimistic about the future, citing its strategy of identifying the right local partners and building capacity for sustainable growth.
Tackling Insurance Penetration in Nigeria
On the issue of low insurance penetration, both Dione and Samuel Ogbodu, MD/CEO of SUNU Assurances Nigeria Plc, pointed to the urgent need for:
• Enforcement of compulsory insurance policies (e.g., fire insurance for buildings, public liability)
• Public awareness and education on the benefits of insurance
• ✅ Prompt and consistent claims payment, to build trust with policyholders
Ogbodu emphasized that SUNU is actively working to raise awareness, build trust, and ensure fair treatment of clients.
“We don’t want policyholders to suffer. If the claim is genuine and premium is paid, it must be settled immediately.”
Partnership with Brokers
Ogbodu also appreciated the role of insurance brokers in supporting SUNU’s growth, reaffirming the Group’s openness to deeper collaboration and better service delivery to Nigerians.
In Summary
SUNU Group’s statements reflect:
• Financial strength and readiness for regulatory change
• A firm belief in Nigeria’s long-term growth story
• A strategic approach to overcoming market challenges
• A commitment to deepening insurance penetration and service quality
This is a strong signal that the Nigerian insurance industry is preparing for transformation — and SUNU intends to play a leading role.