10 July 2017

Nigeria: 13 Insurance Companies Settle N35.7 Billion Claims

Thirteen insurance companies settled N35.7 billion claims to various clients in 2016.

The beneficiaries include: clients whose houses or companies were gutted by fire or partially damaged; vehicle owners who lost their cars to road accidents; families of deceased insured who lost their lives to inferno, among others.

Details of the claims paid are: Aiico Insurance Plc which paid N13.09 billion claims; Cornerstone Insurance Plc settled N4.5 billion; Wapic Insurance, N3.8bn; Mutual Benefits N3.3 billion; Royal Exchange Assurance, N3.6 billion; Axa Mansard, N2 billion; Consolidated Hallmark Insurance, N1.73 billion; Lasaco Assurance, N1.14 billion; Law Union & Rock Insurance, N1.45 billion; Unity Kapital, N619.2 million; Anchor Insurance, N300 million; Universal Insurance, N110.1million; and Nicon Insurance, N84.8 million.

Chairman of Nigerian Insurers Association (NIA), Mr Eddie Efekoha, said operators are living up to their responsibilities in paying genuine claims, stressing that the vices being perpetuated by fraudsters would not deter insurers in settling claims of those who actually needed to be indemnified.

He added that the exchange rate has pushed up insurance claims as the premium of insurance policies which claims are presently settled, were paid when the exchange rate was low.

He said insurance operators would continue to live up to their claims responsibilities.

He noted that insurance should be considered first in decision making, especially now that it is difficult to replace lost items due to high cost.


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