NAICOM applauds insurers on prompt payment of N82.5bn fire claims

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The National Insurance Commission (NAICOM) has applauded a consortium of insurance companies that underwrote the business of Brittania-U for the prompt settlement of N82.5 billion ($55 million) on a fire disaster suffered by the company.

This is even as insurance companies in the country have so far settled about N157,500 billion ($105 million) big ticket claims to two business policyholders who suffered insured risks on their assets in the current year. 

Brittania-U is a Nigerian indigenous petroleum company focused on integrated energy services, including exploration, production, drilling, and trading. 

The company operates in the Ajapa marginal field and owns the FPSO Britannia UI, which experienced a significant fire incident in July 2024 of which its claim was filled.

Using 1,500 to a dollar, the company had earlier filled a N108 billion (72m dollars) claims to the insurance industry which was later adjusted to N82.5biillion and was dispatched accordingly. 

The company had earlier paid N255 million ($170,000 ) as premium to underwrite the business, a figure that was very small compared to the claims paid. 

The other large claims amounting to $50 million (N75 billion) was paid to Shelf Drilling

However, the N105 billion big-ticket payments, it was learnt, is aside other pockets of smaller claims paid by insurance operators in the country. 

Confirming this development at the 2025 NAICOM Annual for Insurance Journalists in Abeokuta, Ogun State today, the Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Olusegun Omosehin, said the payment is a feat and a testament that insurance companies actually pay genuine claims contrary  to the insinuation of some Nigerians. 

He also disclosed that the commission has maintained a hard stance of any operator who refused to pay genuine claims in the country.