Insurance sector records N218m claims payments for terrorism cover
Insurance sector records N218m claims payments for terrorism cover
By Rosemary Onuoha
The insurance sector has recorded claims payments of N217.8 million for terrorism cover, indicating reversal of the general apathy to this kind of insurance cover.
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 show 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.
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.
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.
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 complaint bureau for settlement of claims disputes.
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