Insurance companies settle 44% of premium income as claims in 2020 – NIA

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L- Mr. Lanre Ojuola, Director of Operations, Nigerian Insurers Association (NIA); Mr. Ganiyu Musa, Chairman, NIA, and Mrs. Yetunde Ilori, Director-General of the association, during the body’s Chairman press briefing in Lagos on Tuesday.

By Favour Nnabugwu

The Nigerian Insurers Association (NIA) said the country’s insurance industry paid 44 percent of the sector’s gross premium income of N508billion in the year 2020
The Chairman of the Association who doubles as the Group Managing Director of Cornerstone Insurance Plc, Mr. Ganiyu Musa, disclosed this at media briefing to highlight the industry achievements in 2020 and expectation to 2022.
Musa emphasised that the Association will continue to emphasize the need for insurance companies to pay all  genuine   insurance   claims   and   will   not   hesitate   to   sanction   erring   member companies.
“During the last year, the Gross Premium Written stood at about N508billion while claims paid by member companies amounted to about N224billion which is 44 percent of the total industry premium”
On #Endsars he said the Industry paid over N11billion in claims to customers who suffered losses during the public protests against police brutality in October last year.
The NIA Chairman revealed that the claims payment is still counting because there are still unsettled pending claims, adding that the industry claims payment might get to the tune of N20bilion.
It will be recall that insurance companies settled claims on 718 cases of vandalisation; 93 cases of looting; 113 cases of theft; and 136 cases of loss of cash.
While it was also revealed that 99 claims were settled on malicious damage; eight on business interruptions; 455 on burglary attacks; and 912 on fire and burnt sites.
He said that the Association had encourage it’s members to upload their details into Naicom portal, “We  are happy  to   note  that  our  members  have  increased upload on  NAICOM Portal. We have encouraged those who have challenges to escalate them so that a solution can be provided”

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