The 2021 unaudited Insurance Industry performance in Nigeria shows that insurance firms paid the sum of N238.05 billion as net claims in the fiscal year under review.
The Head, Corporate Communications and Market Development, National Insurance Commission (NAICOM), Rasaaq Salami, who released the figures on Monday in Abuja, added that the Nigerian insurance industry’s total assets rose from N2.02 trillion in 2020 to N2.13 trillion in 2021.
According to Mr Salami, during the period under review, the Nigerian insurance companies earned a total gross premium income of N630.36 billion (unaudited) as against the N520 billion (audited) recorded in 2020.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olorundare Thomas, had during a recent 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 the issue of claims settlement was threatening various measures implemented by the NAICOM to reposition the insurance industry and make it contribute significantly to the country’s Gross Domestic Product.
Mr Thomas stated that the insurance business is about payment of genuine claims and anything short of that will continue to hurt the insurance business in the country thereby giving the industry poor reputation.
The NAICOM boss urged the Directors to work closely with their management as a lot is expected from them to take the industry to the next level and make it more responsive to the country’s expectations.
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Insurance firms record N630bn income, pay N238bn claims, says NAICOM