NSIA Insurance Pays N3bn Claims

NSIA Insurance has said prompt payment of claims is part of its commitment to its customers, just as it disclosed that between 2017 and 2018, it paid over N3 billion claims to its various customers.

A breakdown of this showed that the company in 2017, paid a total of N2.4 billion claims, while in 2018, it paid N679 million claims.
NSIA’s Insurance Managing Director, Ebelechukwu Nwachukwu, who disclosed this, said in 2018, the company paid a total of N224.3 million on General Accident Insurance N257.8 million on Motor Insurance policies and N15.1 million on Engineering Insurance policies while a total of N65.6 million was paid to policy holders for Fire insurance and N46.7 million on Marine policies.

Nwachukwu, said Claims paid on Oil & Gas insurance policies was N69.9 million.
“Our commitment to paying genuine Claims promptly is part of the characteristics of NSIA Insurance Limited. Our claims process is seamless and pacifying as the requirements are easy and not far-fetched,” Nwachukwu said.
She said NSIA Insurance had been equipped technically and financially to handle all classes and volume of insurance risks, with the required capital base for Life and General Insurance business.

According to her, backed by outstanding re-insurers as well as a highly competent and efficient board,
NSIA Insurance was poised to meet up with the challenges of the 21st century Nigerian insurance industry.
She said the company’s policy documents are explicit and concise, adding that the company had been equipped with branches nationwide and other unrestrained communication channels, to ensure it is always at clients’ beck and call to provide clarifications and guidance through processes, when there is a need.

“This is in keeping with the commitment to render customer service to clients and in line with quality objectives to pay claims within 48 hours following the receipt of the signed discharge voucher.

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