Insurance coys settle N145bn claims in Q3 – NAICOM

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The National Insurance Commission (NAICOM) on Sunday, said that a total of N145 billion was paid as claims to policyholders by insurance companies in the third quarter.

The Deputy Commissioner for Insurance, Technical, Sunday Thomas, made this known in an interview with the News Agency of Nigeria (NAN) in Lagos.

According to Mr Thomas, the figure represents a 30 per cent increase compared with N110 billion paid in the same period of 2017.

He said the commission also anticipated that the figure would increase than N145 billion in the fourth quarter, “when the claims paid in the quarter are added.”

Mr Thomas explained further that the Gross Premium (GP) generated by the insurance industry during the period under review stood at N315 billion.

“This represents a 22 per cent increase over the N258 billion GP in the third quarter of 2017,’’ he said.

He said that financial inclusion was one of the tools used by the commission to shoot up insurance penetration.

“The initiative is premised on the fact that getting the mass of the financially-excluded to embrace insurance in one form or another will have a positive impact.

“The commission has started seeing the impact.

“However, insurance companies are still encouraged to take up micro-insurance licence in order to develop the market more.

“The Takaful Market is still grossly under-accessed by the public. There is, therefore, the need for aggressive promotion in aid of financial inclusion,” Mr Thomas said. (NAN)

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News Agency of Nigeria (NAN) is a news reporting agency owned and run by the Federal Government of Nigeria just like Nigerian Television Authority.[1] On 10 May 1976 the agency was founded and established by Onitsha noble Onuora Nzekwu who was its first official Managing Director and Chief Editor. On 2 October 1978 its operations began.[2][3] NAN provides General News Service to subscribers in three bulletins published daily. The agency’s website www.nan.ng was launched on 8 August 2016, to offer news to the worldwide audience interested in news primarily about Nigeria, Africa’s most populated country. The current Managing Director of NAN is Bayo Onanuga.

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