Insurers pay over N1.40bn claims on terrorism, flood

Insurance operators paid over N1.40 billion claims on terrorism and flood in 2017, report has shown.

The Data obtained from the Nigerian Insurers Association (NIA) revealed that Axa Manasard Insurance Plc and Continental Reinsurance Plc, paid over N217.83 million on terrorism, with Dangote Cement Plc, Ibese Plant, claiming N167.95 million.

NIA also revealed that the operators paid over N1.18 billion on flood, noting that Prestige Assurance Plc, made the largest claims of N55.48 million to D2H Services Limited & Associates.

The NIA said the industry recorded a gross premium of N364.69 billion and net premium of N258.06 billion in the year.

Chairman of the NIA, Tope Smart, said the industry has being responsive in meeting genuine claims responsibilities, stressing that the industry will continue to honour the payment of all genuine claims.

The Director-General, Nigerian Insurers Association (NIA) Mrs Yetunde Ilori, urged the public to take advantage of conflict resolutions bodies set up by the industry to resolve all unpaid claims issues.

She noted that the NIA in a bid to ensure the public are not denied claims, set up a complaints bureau, adding that the National Insurance Commission (NAICOM) also has a bureau for settlement of claims disputes.

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