Insurance

Insurers pay over N303.33m claims on bank fraud, armed robbery

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Chuks Udo Okonta

Insurance operators paid over N303.33 million claims to banks in the country for losses suffered due to fraud, armed robbery and burglary in 2014, Inspen can report.

According to a report obtained from the Nigerian Insurers Association (NIA), insurers paid about N173.81 million on fraud; N110.57 million on Armed robbery and N18.95 on burglary in 2014.

The report stated that NSIA Insurance Company Limited, paid the largest claim on armed robbery amounting to N18.83 million to Diamond Bank Plc, while N52.54 million was paid on fraud by Great Nigeria Insurance Plc to Wema Bank Plc.

Director-General NIA, Sunday Thomas, attributed the huge claims to insecurity and reliance on cash for transactions. He was optimistic that such huge claims cannot be incurred in recent times due to security measures put in place by the government, to stem menace such as armed robbery and fraud.

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