NICON Insurance Pays Outstanding N400 Million Debts

NICON Insurance head office

In compliance with the National Insurance Commission’s (NAICOM) September 30 deadline for payment of all outstanding claims by insurance firms, the new Management of NICON Insurance Ltd, said it has settled all outstanding claims in the company’s files.

The claims settled by the company are a total of N400 million.

The company said this is in fulfillment of the mandate give to the new management led by Bayode Samuel as the Managing Director by owners of the company.

Bayode’s regime was saddled with the responsibility of repositioning the company for optimum performance.

In a statement obtained by THISDAY, Bayode said the payment of NICON’s outstanding claims is a Key Performance indicator for the company.

“Claims settlement is pivotal to the business of insurance and anything short of this is unethical. That is why in our unwavering quest for alignment with operational and regulatory standards, we have settled and disbursed in excess of N400 Million naira to all our numerous clients across Nigeria on outstanding claims due under the defunct National Insurance Corporation and the new c under my leadership”.

He said having successfully cleared the company’s outstanding claims, NICON has joined every other liquid player in the industry poised to clean its books as directed by the regulator.”

Bayode further disclosed that NICON has been repositioned to take advantage of strategic opportunities untapped in the insurance industry via various alliance with different stakeholders in the insurance and financial Industry by introducing insurance benefits to almost all sectors of the economy.

He therefore urged the insuring public to take advantage of the new development in NICON Insurance of today by insuring their general and life assurance businesses with NICON which has remained the flagship and the biggest in Nigeria by Asset base in excess of N40 Billion Naira, with over 42 branches nationwide and six regional offices.


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