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The short answer
Nigerian insurers usually settle claims by bank transfer, and for a naira policy that means naira, so the simplest route from abroad is a Nigerian account in the policyholder's or beneficiary's own name. Under section 210(3) of the Nigerian Insurance Industry Reform Act 2025, as summarised by law firm JEE, admitted claims other than special risks must be settled within 60 days of notification, and a delayed claim attracts compound interest. Ask the insurer in writing which account details it accepts before you sign the discharge voucher.
What changed in 2025
The Nigerian Insurance Industry Reform Act 2025 (NIIRA) replaced the old Insurance Act. For claimants abroad, the important change is the clock. JEE's analysis of the Act says section 210(3) requires admitted claims, except special risks, to be settled within 60 days of notification, replacing the older position of 90 days from the signing of a discharge voucher. Because the clock now starts at notification, an insurer can no longer delay the start simply by delaying the paperwork.
- Section 210(3) and (7): if the insurer will not pay, it must issue a written denial with reasons within the same 60 days.
- Section 210(7): delayed claims attract monthly compound interest at prevailing bank rates, payable to the insured, and NAICOM can fine the insurer administratively.
- Section 210(8): courts may award damages for unreasonable delay beyond the policy sum.
- Section 212: admitted claims left unpaid because an insurer is insolvent or loses its licence can be claimed from the Insurance Policyholders Protection Fund. ThisDay reported on 24 June 2026 that a committee for the fund had been inaugurated.
What account details insurers accept
Insurers pay where their policy terms and their bank allow. In practice, a payment in naira to a Nigerian bank account in the claimant's own name is the route least likely to be questioned. Before the payment is processed, ask the insurer:
- Which currency the claim is payable in. A naira policy pays naira; ask separately about any policy written in a foreign currency.
- Whether it will pay to an account outside Nigeria, and if so in which currency and at whose cost.
- Whether the account must be in the policyholder's or beneficiary's own name. Most will refuse a third party's account without a legal authority.
- Which documents it needs from someone abroad: ID, proof of address, BVN of the receiving account, signed discharge voucher, and any notarisation.
Documents by claim type
| Claim | What insurers usually ask for | Abroad-specific point |
|---|---|---|
| Life policy death claim | Claim form, death certificate, policy document, beneficiary ID, sometimes letters of administration | Get documents certified; a foreign death certificate may need authentication |
| Motor or property claim | Claim form, police report or loss evidence, repair estimates, photos | Someone in Nigeria may need to meet the loss adjuster |
| Annuity or retirement payments | Proof of life, bank details, ID | Annual proof-of-life rules may require a mission visit or video call |
| Travel or health claim | Medical bills, receipts, reports | Foreign bills may need translation |
These are typical items, not a single insurer's list. Your insurer's claim form is the definitive checklist.
Property you own in Nigeria
If you own a building at home, check its cover. Nairametrics' August 2025 summary of NIIRA says section 76 requires public buildings, including offices, shops, tenements and hostels, to be insured against risks such as collapse, fire and flood, and section 79 says fire insurance payouts are to be used to reinstate the building. A fire claim on a rented-out property may therefore be paid towards rebuilding rather than released to you as cash.
When the insurer is slow
Keep a dated record of when you notified the claim and every document you sent. If 60 days pass without payment or a written denial, write to the insurer citing section 210 and asking for a payment date and the interest due. If that fails, the regulator is NAICOM; our Nigeria library explains how to complain to NAICOM and the claims timelines. If the insurer is in trouble, the ThisDay report shows NAICOM can move a failed insurer's business elsewhere: it moved African Alliance Insurance's annuity portfolio to Leadway Assurance after annuitants went unpaid for months.
Claims for a relative who has died
If you are claiming as a beneficiary, the insurer will want proof of your entitlement, and where no beneficiary is named it may ask for letters of administration. See tracing a late parent's Nigerian accounts for the wider estate steps.
Getting the money where you need it
Once the naira lands, decide whether it needs to leave Nigeria. Converting naira to foreign currency is a separate step under CBN rules; our guide to converting naira to dollars legally covers the routes. If you already have costs in Nigeria, such as repairs or family support, keeping part in naira avoids converting twice.
Where Pryme fits
A Pryme personal account can be opened from any country, with local naira account details in your own name, so an insurer can pay a claim directly to you. When you want to convert, Swap shows the rate and the fee before you approve.
Questions people ask
How long does a Nigerian insurer have to pay a claim?
Under NIIRA 2025 section 210(3), as summarised by JEE, admitted claims other than special risks must be settled within 60 days of notification.
Can a Nigerian insurer pay my claim into a UK or US account?
Some may, depending on the policy currency and their bank, but many pay naira to a Nigerian account. Ask the insurer in writing.
What if the insurer delays beyond 60 days?
The Act, as summarised by JEE, provides for compound interest on delayed claims and NAICOM fines. Write to the insurer citing section 210, then complain to NAICOM.
What happens if the insurance company fails?
Section 212 lets admitted unpaid claims be made against the Insurance Policyholders Protection Fund, whose committee ThisDay reported inaugurated in June 2026.
Sources
- JEE: Bad faith by delay, claims settlement under NIIRA 2025 · accessed Oct 2026
- ThisDay: Retirement benefit, insurers, PFAs woo retirees (24 Jun 2026) · accessed Oct 2026
- Nairametrics: 8 insurance provisions in Nigeria's new Act (8 Aug 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.