By Tony Obiechina, Abuja
The insurance industry paid a total sum of N238.05bn as insurance claims in the 2021 fiscal period, the National Insurance Commission (NAICOM), has announced.
The figure was made available in statement on Monday by the Head, Corporate Communications and Market Development, NAICOM, Rasaaq Salami, who also disclosed that Nigerian insurance industry’s asset rose from N2.02trn in 2020 to N2.13tn in 2021.
According to him, during the period under review, Nigerian insurance companies earned a total gross premium income of N630.36bn as against the N520bn recorded in 2020.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Sunday Thomas, had during a conference for insurance directors with the theme, “Insurance industry in a changing world,” warned the management of insurance companies in Nigeria against refusal to pay claims.
He said while the commission had implemented various measures to reposition the insurance industry and make it contribute significantly to the country’s Gross Domestic Product, the issue of claims settlement was threatening such efforts.
The NAICOM Boss said that insurance business is about payment of genuine claims and anything short of that will continue to hurt insurance business in the country thereby giving the industry poor reputation.
He urged the Directors to work closely with their management as a lot is expected from them to take the industry to the next level.
