Following the expiration of the April 30, 2026 deadline for the linkage of National Identity Number, NIN, to insurance policies, insurance companies have said they will no longer honour claims from policyholders who fail to comply with the directive.

Head of the Publicity Committee of the Insurers Committee, Mrs. Ebelechukwu Nwachukwu, disclosed this while briefing journalists after the meeting of the Insurers Committee in Lagos.

According to her, the enforcement of the NIN linkage has become mandatory across the industry.

She said: “Regarding the NIN enforcement, you are all aware that the industry had a deadline of April 30th for all policyholders to comply. Accordingly, no claims will be paid to any organisation or individual whose NIN has not been updated.”

Nwachukwu also revealed that the insurance industry is working towards developing a Nigerian experience mortality table to strengthen actuarial and risk pricing standards in the sector.

She explained that the industry expects to launch the mortality table by the end of June 2026, though a two-month extension window has been provided in case additional data is required for completion.

Hopefully, the industry should be able to launch one by the end of June 2026. But we are giving ourselves a two-month window if all the required data has not been received to enable us to develop this mortality table,” she said.

On financial inclusion and credit access, Nwachukwu disclosed that the industry is set to inaugurate a committee that will collaborate with the National Credit Guarantee Company of Nigeria to define the role of insurance in supporting Nigeria’s emerging credit culture.

She noted that the initiative is expected to improve access to credit for Micro, Small and Medium Enterprises, MSMEs, individuals, and corporate organisations.

According to her, only 12 insurance companies have so far registered with the Nigerian Credit Bureau Limited, while only five are currently active. (Vanguard)

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