Insurance

Insurers pay N648.16bn claims in five years

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Chuks Udo Okonta

Living up to their mandate of restoring people to the state they were before risks occurred, insurance operators within five years paid N648.16 billion claims to claimants.

Data obtained from the Nigerian Insurers Association (NIA) revealed that life operators within 2014 and 2018 paid N315.47 billion, while non-life operators within the same period paid N332.69 billion.

A breakdown of the claims showed that life operators paid N35.95 billion, in 2014; N50.57 billion, 2015; N61.87 billion, 2016; N72.30, 2017; N94.78 billion, 2018, while non-life operators paid N51.06 billion in 2014; N54.65 billion, 2015; N57.76 billion, 2016; N70.52 billion in 2017 and N98.70 billion in 2018.

On claims settled in 2018, the top three firms with the largest claims were: Leadway Assurance Limited, which paid N57.93 billion; AIICO Insurance Plc, N28.55 billion and African Alliance Insurance Plc, N8.75 billion.

On what was paid to claimants based on region, South West got N171.29 billion; North Central got N19.93 billion; South South, N12.97 billion; North West, N4.73 billion; South East, N2.54 billion and North East, N52.91 million.

Group President/Chief Executive Officer, Standard Insurance Consultants Limited, Dr. Ahmed Salawudeen, implored insurers to do more in the area of claims payment, stressing that public confidence on Insurance could only be restored through prompt payment of claims.

According to him, the insurance industry will grow when underwriters live up to their claims responsibilities. He urged operators to esteem professionalism and execute their business based on trust which is the core of insurance operators.

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