Regency Alliance Insurance Plc said it paid N2.099 billion in claims between January 1 and August 31, 2026, with payments to businesses in aviation, oil and gas and other sectors.

The insurer paid N634.9 million in aviation claims and N240 million in oil and gas claims during the eight months, while N1.224 billion went to other classes of business.

The development comes amid efforts to address the trust deficit that has constrained insurance uptake in Nigeria.

For an industry seeking to attract more Nigerians into the formal insurance system, timely settlement of legitimate claims remains critical to demonstrating the value of insurance.

The payments to aviation and oil and gas operators also highlight the role of insurance in supporting business continuity in sectors where individual losses can run into hundreds of millions of naira.

The development follows efforts by the Federal Government and the National Insurance Commission (NAICOM) to strengthen insurers’ financial capacity through recapitalisation.

While stronger capital positions are expected to improve insurers’ capacity to underwrite larger risks, the ability to meet legitimate obligations to policyholders remains critical.

As competition increases following recapitalisation, efficient claims settlement could also help insurers retain existing customers and attract new policyholders.