Renowned gospel musician and broadcaster, Dr. Yinka Ayefele, has raised concerns over the sluggish pace of insurance claims settlement in Nigeria, warning that the delays pose serious risks to businesses and individuals alike.
Speaking against the backdrop of a recent fire incident at his radio station, Fresh FM, Ayefele said he has consistently insured his properties, including his broadcast facilities and musical instruments, but described the claims process as painfully slow.
“People asked if I didn’t insure my properties, but I told them I did. Even my musical instruments for shows are insured,” he said. “The problem is how long it takes before insurance companies release compensation.”
Recalling a past experience, Ayefele narrated how one of his buses was involved in an accident along Sagamu Road. Despite fulfilling all requirements—including police reports and an on-site investigation by the insurer—the settlement only came after legal intervention, and even then, it was a fraction of the expected payout.
He also cited the case of a shop owner who lost goods in a burglary but was denied compensation on the grounds that the ceiling lacked burglary proof—a condition Ayefele described as an excuse to avoid payment.
On the recent Fresh FM fire, the broadcaster expressed fears that waiting on insurance to process claims could paralyze operations.
“If we decide to wait for insurance before moving forward, Fresh FM might remain grounded for the rest of the year,” he said. “They will start with investigations, eyewitness reports, and endless paperwork. That’s how it always is.”
While stressing that he is not opposed to insurance, Ayefele urged stakeholders to reform the system to make it more responsive.
“I am not saying insurance is bad. They eventually pay, but the timing is the problem,” he concluded.
