Insurance

Insurers pay over N483.56m motor accident claims to Dangote Group

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Chuks Udo Okonta

Insurance companies paid over N483.56 million motor accident claims to Dangote Group in 2017, Inspenonline has learnt.

Data obtained from the Nigerian Insurers Association (NIA) revealed that the amount covers claims for accident and third party losses. According to the NIA, Cornerstone Insurance Plc made the largest single claims payment of N20.15 million to Dangote Cement Plc – Ibese plant for accident and third party on April 28, 2017, and other claims which amounted to over N391.21 million in the year.

The NIA stated that 41 insurance companies posted a gross premium income of N39.21 billion and paid N17.65 billion claims on motor insurance business in 2017.

NEM Insurance Plc, is said to be the leader in the motor business as it posted N4.46 billion premium income and paid N1.97 billion claims in the year.

Chairman of the NIA, Tope Smart, said the industry has being responsive in meeting genuine claims responsibilities, stressing that the industry will continue to honour the payment of all genuine claims.

On the number of vehicle properly insurance in the country, he said 2.5 million vehicles are actively captured on the Nigerian Insurance Industry Database (NIID), while the actual number of upload on the platform is over 3 million.

Smart called on the law enforcement agencies to support the insurance industry by ensuring that there is strict enforcement of insurance laws.

Director-General, Mrs. Yetunde Ilori, noted that the industry is working assiduously on the industry’s unified platform for the sales of third party motor insurance code- named: Nigerian Insurance Industry Portal (NIIP), adding that the portal will be launched before the association’s current Chairman leaves office.

Chairman, Dangote Group, Alhaji Aliko Dangote, said the group paid over N5 billion as insurance premium in 2016 to insurance companies that insured its insurance portfolio.

He urged insurers to be more proactive in studying the operations of consumers and fashion out generic risk solution models, stressing that there should be stronger insurers with prompt claims paying abilities and consistent customer experience.

Dangote Group remains one of the riches business outfits in the country and has thousands of vehicles plying the nation’s roads daily.

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