Chairman NIA, Eddie Efekoha
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Chuks Udo Okonta
Pay N348.54bn claims
Insurance operators posted over N1.22 trillion gross premium income between 2010 and 2014 and paid N348.35 billion on claims settlement.
The statistics was revealed in the Nigerian Insurers Association (NIA) annual report and accounts. According to the report, management expenses also stood at N294. 34 billion.
The breakdown of the figure showed that non life operators wrote gross premium income of over N863.69 billion, while life operators wrote N353.25 billion. The claims of non life operators stood at N 221.06 billion and management expenses N220.87 billion and life operators’ claims was N127.29 billion and management expenses N73.97 billion.