Insurance

Insurance industry pays N160.5bn claims in 2018

From left: Past Chairman, Nigerian Insurers Association (NIA), Ven. Olusola Ladipo-Ajayi; immediate Past Chairman, NIA, Mr Eddie Efekoha; Director-General/CEO, NIA, Mrs. Yetunde Ilori, and Chairman, NIA, Mr. Tope Smart, at the 48th annual general meeting of NIA in Lagos on Thursday.

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Chuks Udo Okonta

Operators in insurance industry paid about N160.5 billion claims and wrote business worth about N400 billion, the Chairman, Nigerian Insurers Association (NIA), Tope Smart, has said.

He disclosed this yesterday at the association’s Annual General Meeting (AGM) in Lagos, stressing that the business grew by 10 per cent, moving from N363 billion recorded in 2017.

The operators paid N142.83 billion claims in 2017, while life insurers paid N72.31 billion, non life operators paid N70.52 billion.

Smart noted that the association is working closely with the National Insurance Commission (NAICOM) to promote the business of insurance and increase its contributions to national Gross Domestic Product (GDP).

According to him, some of the initiatives include the insurance industry rebranding project; regulation on micro insurance; collaboration on financial inclusion; bancassurance guidelines and others which will impact positively on the business of insurance companies.

The Director-General of the association, Mrs. Yetunde Ilori, noted that in a bid to encourage good relationship with the insuring public, the Customer Compliant Bureau established by the association has effectively resolved over 40 conflicts received from policyholders and 30 between member companies.

She noted that the association is assiduously working to reduce complaints from policyholders to a minimal, stressing that this has encouraged confidence of the insuring public.

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