Two Companies Pay N217.83 Million Insurance Claims On Terrorism In 2017 — NIA Report

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Axa-Manasard Insurance Plc and Continental Reinsurance Plc have paid more than N217.83 million terrorism insurance claims.

According to a report by the Nigerian Insurers’ Association (NIA), signed by its Director-General, Mrs Yetunde Ilori, and released on Thursday in Lagos, the amount was paid in the 2017.

The NIA said the compilation of data for the country’s insurance industry for year 2018 by the association was ongoing.

According to NIA, over N1.18 billion was paid by insurers as flood insurance clams in the same year, with Prestige Assurance Plc paying the largest claims of N55.48 million to D2H Services Ltd and Associates.

The association said that the industry had been responsive in paying genuine claims, adding that the industry would continue to honour the payment of all genuine claims.

“However, we urge the public to take advantage of conflict resolution bodies, like Complaints Bureau set up by NIA to resolve all unpaid claims issues.

“Also, the National Insurance Commission (NAICOM) has also “Bureau for Settlement of Claims Disputes” to handle insurance claims complaints,” the association said.

NIA said the industry operators had started brainstorming on developing more products on terrorism and flood issues.

It said that the industry also recorded a gross premium of N364.69 billion and net premium of N258.06 billion in the year under review.

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