Insurance Cover On Terrorism Claims Hit N218 Million In 2018

Must Read

FIRS lists Slot, GIG Motors, Davido, Obasanjo, others among 19,901 tax defaulters, shuts accounts (Full List)

A number of prominent individuals and organizations have been included in a list of 19,901 tax defaulters released by...

How Blockchain might change the whole fashion industry – and safeguard the authenticity of your goods

So far you have probably only heard of blockchain in connection with financial transactions and Bitcoins.Well, that should change...

Most Financial Services Firms ‘Not Prepared’ For Digital Transformation, Research Suggests

Tens of thousands of financial services businesses are avoiding upgrading their digital systems because they don’t deem digital transformation...
- Advertisement -
- Advertisement -

The insurance sector has recorded claims payments of N217.8 million for terrorism cover, indicating the reversal of the general apathy to this kind of insurance coverage.

It will be recalled that the insurance sector had shied away from introducing terrorism cover on the ground that the risk is highly volatile as a single incident could erode a company’s profit and capital.

Analysis of figures released by the Nigerian Insurers Association (NIA) in its 2018 insurance industry digest shows that while the sector paid about N217.8 million as terrorism claims, flood claims was over N1.2 billion.

The NIA digest further shows that Axa Mansard Insurance Plc paid the highest terrorism claim of N167.9 million, while the rest was settled by Continental Reinsurance Plc.

Read:  NAICOM issues new capital requirements for the Insurance Industry

Axa Mansard paid the terrorism claim to Dangote Cement Plc for the incident at its Ibese Plant.

Meanwhile, for flood claims, Prestige Assurance Plc paid the largest claims of N55.48 million to D2H Services Limited & Associates.

According to the NIA, the industry recorded a gross premium income of N364.7 billion while net premium income stood at N258.1 billion in the year under review.

Read:  Airtel’s NSE listing: What you need to know

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

The Director-General of 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.

Read:  Naicom Approves Goxi As A State Composite Microinsurance Company

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

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Skye Bank & Fortis Microfinance Bank Removed From Nigerian Stock Exchange Listing

The Nigerian Stock Exchange (NSE) on Wednesday delisted Skye Bank Plc and Fortis Microfinance Bank Plc following permission from...

WHO calls for more research into microplastics and a crackdown on plastic pollution

The World Health Organization (WHO) today calls for a further assessment of microplastics in the environment and their potential impacts on human health, following...

NIPC Takes Innovative Approach to Market Investment Opportunities in the Country

The Nigerian Investment Promotion Commission (NIPC) has said that it is profiling investment opportunities across sectors in Nigeria.The Director, Investment Promotion of the Commission,...

African Energy Chamber Welcomes Appointment of New Nigerian Petroleum Minister

As a former Governor of the Bayelsa State, in the core Niger Delta region, H.E. Timipre Silva understands the core issues affecting Nigeria’s oil...

More Articles Like This