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NEM Insurance Strengthens Policyholder Trust with N45.91bn Claims Payment

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NEM Insurance Plc has further reinforced confidence among its policyholders following the payment of N45.91 billion in claims during the 2025 financial year.

The figure, disclosed in the company’s audited results for the year ended December 31, 2025, highlights the insurer’s continued commitment to meeting obligations promptly and maintaining strong operational credibility within Nigeria’s insurance industry.

The 2025 claims payout represents a substantial rise from the N24.99 billion paid in the 2024 financial year, highlighting the Group’s growing commitment to meeting its obligations to policyholders and strengthening trust in its operations.

Figures obtained from the NGX showed the parent company paid N41.46bn in 2025 from N24.24bn in 2024.

Industry observers note that timely and efficient claims settlement remains a critical factor in driving insurance penetration in Nigeria.

With its strong capital base, expanding customer network, and increasing investment income, NEM Insurance Plc is well-positioned to deliver sustainable value to both shareholders and policyholders, while contributing to the growth of the insurance sector.

The company’s latest performance further underscores its standing among insurers with strong claims-paying capacity, a key indicator of financial stability and operational reliability in the industry.

GCR Ratings had upgraded NEM Insurance Plc’s national scale financial strength rating to AA+(NG) from AA(NG), with the outlook maintained as stable.

According to the rating agency, the upgrade reflects sustained strengthening in the company’s competitive position within the non-life insurance segment, supported by a sound financial profile characterised by robust risk-adjusted capitalisation, adequate liquidity, and strong earnings capacity.

The combination of increased claims payout and improved credit rating positions NEM Insurance Plc as a leading player in Nigeria’s insurance industry, capable of meeting rising customer expectations while sustaining long-term growth.

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AI could help Nigeria, other developing economies achieve century of progress in decade

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Artificial intelligence (AI) could help developing countries achieve in a decade what might otherwise take a century, according to the World Bank’s report.

The lender said governments must act swiftly to address gaps in electricity, connectivity, skills and institutional quality that could leave them behind.

The World Bank disclosed this in its latest World Development Report 2026, titled ‘The Promise of Artificial Intelligence’.

The report surveyed enterprises’ AI adoption in developing economies, sampling 777 firms in Nigeria.

The World Bank, in its report, urged developing economies to adopt an optimistic mindset, noting that AI could help governments reach billions of underserved people with medical, legal, educational, and agricultural services more quickly.

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“AI could help extend otherwise costly medical, legal, educational, and agricultural services to the underserved billions—doing in a decade what might otherwise take a century,” the report stated.

It noted that jobs in high-income countries are more than three times as likely to be at risk of automation by generative AI as those in low- and middle-income countries, where 4.5 per cent of existing jobs are at risk, compared with 14.2 per cent in high-income countries.

At the same time, 16.2 per cent of jobs in developing economies could see their productivity meaningfully boosted by AI, close to the 18.7 per cent expected in high-income countries.
The greatest promise for developing countries lies not in replacing workers, but in amplifying what they can do, the report said.

“AI has thrown developing economies a lifeline, and they should seize it,” Indermit Gill, Senior Vice President and Chief Economist of the World Bank Group, added in the report.

He explained that developing economies do not need large models or big data centres to reap the benefits of AI adoption.

By adapting small, low-cost AI tools to local conditions, they can bring better medical care, education, judicial services and agricultural extension within reach of millions, the World Bank chief stated.

The report is the first comprehensive assessment of AI’s implications for developing countries, revealing how businesses and governments there have begun to use AI.

It revealed that AI is already helping people, businesses, and governments solve problems, analyse information, improve forecasts and deliver services on a larger scale.

These capabilities are especially valuable in countries where trained professionals, reliable records and public capacity are often limited.

According to the World Bank, AI tools can make it easier for doctors to diagnose patients, farmers to make better crop decisions, and businesses to become more productive.

Governments, too, could use AI to improve tax collection, social programmes, disaster response, healthcare, and education, it added.

The lender said AI could significantly boost the weak growth performance of developing countries before the end of the 2020s while delivering tangible benefits to people.

READ ALSO: Engaging the blackbox-glassbox paradox: Media imperatives in the era of artificial intelligence, By Omoniyi Ibietan

The report added that the opportunity is limited, noting that most developing economies still lack the power, internet access, data, skills and institutions needed to use AI effectively.

The report stated that, without deliberate action, AI could widen disparities between countries, increase inequality within them, concentrate market power, weaken trust in public institutions, and create new risks to safety, rights, and social cohesion.

The report outlines a clear three-stage approach: adopt available tools, tailor them to local circumstances, and gradually progress towards frontier AI development.


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AXA Mansard Health Int’l Health Plan Covers Cancer, Other Chronic Health Conditions

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AXA Mansard Health’s International Healthcare Plan, iMED, offers Nigerians access to comprehensive medical coverage for cancer, as well as critical medical procedures such as organ and bone marrow transplants, and international emergency medical assistance at leading healthcare facilities in Nigeria, the United States, the United Kingdom and Dubai.

According to estimates by the Global Cancer Observatory (GLOBOCAN), more than 150,000 new cancer cases are diagnosed annually in Nigeria, with over 90,000 deaths recorded each year. Among men, prostate, colorectal and liver cancers remain the most commonly diagnosed, while breast, cervical and colorectal cancers account for the highest incidence among women.
In response to these evolving healthcare needs, AXA Mansard was designed to provide its eligible enrolees with access to premium international health insurance coverage that supports access to advanced medical care for eligible medical conditions through a network of accredited healthcare local and international providers. This product offers comprehensive cover for a broad range of medical services, including chronic condition management, chemotherapy and radiotherapy where medically necessary, helping individuals prepare for unexpected health events and associated medical expenses.
Speaking on the rationale behind the introduction of the plan, Chief Executive Officer, AXA Mansard Health, Tope Adeniyi, said the company remains committed to developing solutions that address evolving healthcare needs while reducing barriers to specialized treatment.
“It’s heartbreaking to see the growing impact cancer continues to have on families and communities, not only in Nigeria but across the world. As a company committed to acting for human progress by protecting what matters, we recognise the need to continually develop healthcare solutions that respond to the realities our customers face.”
“Through iMED, we are bringing world-class healthcare closer to Nigerians by providing access to specialised treatment options across local and international medical facilities. This solution helps bridge critical gaps in healthcare access and gives our customers greater confidence that they can receive quality care when they need it most, regardless of where they are in the world,” Adeniyi said.
With access to an extensive network of leading healthcare providers across key medical destinations, including the United States, the United Kingdom and Dubai, iMED is designed to provide individuals, families and corporate clients with enhanced protection against the financial and emotional burden often associated with serious illnesses.
Beyond cancer care, the plan also provides access to treatment for a range of chronic and complex medical conditions, reinforcing AXA Mansard Health’s commitment to improving health outcomes and ensuring Nigerians have access to quality healthcare without geographical limitations.
As healthcare needs continue to evolve and demand for specialized treatments also increases, AXA Mansard Health remains focused on delivering innovative solutions that empower customers to navigate complex medical journeys with greater peace of mind while supporting broader efforts to improve health and well-being across Nigeria.

The post AXA Mansard Health Int’l Health Plan Covers Cancer, Other Chronic Health Conditions appeared first on Business Today NG.

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