Insurance Operators Pay N157 bn Claims to Two Firms in 2025
Ebere Nwoji
Insurance sector regulator, National Insurance Commission (NAICOM), has said that the highest insurance claims so far paid by Nigerian insurance sector operators in recent times was the
N82.5 bllion ($55million) claims paid by a consortium of insurance companies that underwrote the business of Brittania-U company in July this year.
The claims were paid on a fire disaster suffered by the company.
Meanwhile the commission said another major big ticket claim paid by the industry this year went to Shelf Drilling which stood at $50 million bringing to total two high ticket claims paid by the operators this year to N157 billion.
The Britannia UI, which experienced a significant fire incident in July 2024 of which its claim was filled this year is a Nigerian indigenous petroleum company focused on integrated energy services, including exploration, production, drilling, and trading.
Using 1,500 to a dollar, the company had earlier filled a N108 billion (72m dollars) claims to the insurance industry which was later adjusted to N82.5biillion and was dispatched accordingly.
The company had earlier paid N255 million ($170,000) as premium to underwriters of the business, a figure that was very small compared to the claims paid.
At the insurance retreat for journalists by NAICOM at the weekend, Omosehin said the claims were paid by the insurers without stress irrespective of how much premium charged because insurance was about promise keeping.
He said his administration in NAICOM was for protection of the insuring public.
He said his administration has zero tolerance to settlement of genuine claims .
According to him, his administration will leave no stone unturned in the implementation of the Nigerian Insurance Industry Act (NIIRA 2025) especially as it concerns claims payment and professional premium charges.
He said the commission has warned operators enough on professionalism in premium charges insisting that once genuine claims occur, the commission would ensure that such claims were settled whether the right premium was charged or not.
