…as Rex offers new products, tech
At 83, Olalekan Solende has spent more than half a century trusting insurance to protect his assets, maintaining a relationship with Rex Insurance Limited that began in 1975, according to accounts of his experience. His story offers a rare example of the long-term value of insurance in a country where public distrust remains a major obstacle to market penetration.
Solende, an octogenarian policyholder of Rex Insurance, formerly Royal Exchange, says he has no regrets about his decision to insure his assets with the company over the past 51 years. In that period, he has sought claims payments only twice, a record that underscores how insurance can remain a lifelong financial protection tool rather than a product purchased only when disaster appears imminent.
“I have enjoyed a rewarding relationship with the company over the years and have no regrets about my decision to insure my assets with them,” Solende said during a customer appreciation event organised by Rex Insurance in Lagos as part of its 2026 Customer Service Week celebrations.
“I will continue to do business with you until the end of my life,” he said.
His experience offers a personal perspective on an industry still struggling to convince many Nigerians that paying premiums can be as important as saving, investing or acquiring property. While insurance penetration remains below one per cent of gross domestic product, according to the industry records, Solende’s five-decade relationship with his insurer illustrates the potential benefits of sustained risk protection and dependable service.
For households and businesses, the lesson is straightforward: assets accumulated over years can be lost in a single fire, accident, theft or other insured event. Insurance offers a way to transfer specified financial risks to an insurer, helping policyholders manage losses that could otherwise undermine years of savings and investment.
Solende’s story also highlights the importance of choosing an insurer that customers can trust to honour its contractual obligations. An insurance policy is only as valuable as the protection it provides when a covered loss occurs. The willingness of a customer to maintain the relationship for more than five decades suggests that confidence, service experience and continuity can be powerful drivers of loyalty.
At the Lagos event, Solende described Rex Insurance as Nigeria’s best insurance company, praising its professionalism and service delivery. He also encouraged Nigerians to embrace insurance and patronise providers that demonstrate reliability.
His testimony comes at a critical moment for Nigeria’s insurance industry, following a major recapitalisation exercise that has raised the minimum capital requirements for operators. The reform is intended to strengthen insurers’ financial capacity, improve their ability to absorb risks and support a more resilient market.
For an industry seeking to deepen penetration, Solende’s experience points to the commercial value of delivering on the promise of financial protection. Each satisfactorily handled claim can reinforce confidence, while delays, disputes and poor communication risk discouraging both existing policyholders and prospective customers.
Ebelechukwu Nwachukwu, managing director/CEO said the company considered Solende’s loyalty particularly significant because his relationship with the insurer began a year before she was born.
She thanked customers and insurance brokers for their continued patronage, describing brokers as important partners in transferring customers’ trust to insurers.
The company also recognised Cappa & D’Alberto Limited, a building and civil engineering contractor, for maintaining a 40-year relationship with the insurer, and Allied Computers Limited, whose relationship with Rex spans 20 years. Their recognition suggests that long-term confidence in insurance is not limited to individual policyholders but can also extend to businesses seeking protection against operational risks.
Beyond celebrating longstanding customers, Rex Insurance is investing in digital platforms and technology to improve customer access, speed up transactions and strengthen service delivery.
Nwachukwu said the company was exploring ways to improve quotation processing, claims settlement and responsiveness to customers’ needs, using technology, artificial intelligence and data to simplify its operations.
The insurer has developed a website through which direct and retail customers can purchase insurance products, file claims and track their progress. It has also introduced RexVerse, a mobile application available on the Google Play Store and Apple App Store.
Rex Insurance operates a dedicated portal for marine insurance and provides an application programming interface gateway for its InsurTech and banking partners. It is also planning a dedicated website for insurance brokers to improve engagement with intermediaries.
“For over 50 years, we have been constantly thinking about how to delight our customers, how to pay claims faster, how to send quotations, and how to respond to our customers in line with the speed of today’s world,” Nwachukwu said.
Rex Insurance also disclosed that it had received approval from the National Insurance Commission to commence travel insurance business, expanding its range of products for customers seeking protection against specified travel-related risks.
Solende’s 51-year relationship with Rex Insurance is more than a milestone for the company. It is a reminder that insurance can be incorporated into long-term financial planning, helping individuals and businesses protect assets and preserve financial stability when covered losses occur.
His experience also challenges the perception that insurance is an unnecessary expense or a product that delivers little value until a claim is made. By transferring specified risks to an insurer, policyholders can reduce the financial burden of unexpected events and protect the resources they have worked to accumulate.
Nigeria’s insurers must therefore continue demonstrate consistently that they can meet their obligations, communicate clearly and settle valid claims within reasonable timeframes.
Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd.
A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia.
Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.
