Underwriters settle over N207bn claims in 2018 ― NIA
Nigerian Insurers Association

… Only 1.8m persons have insurance covers

By Cynthia Alo

The Nigerian Insurers Association, NIA, has said that the insurance industry paid over N207 billion as claims to some policyholders in 2018.

Director-General of NIA, Mrs Yetunde Ilori, who disclosed this at the second edition of the National Insurance Commission, NAICOM’s interactive session for major insurance consumers in Lagos also disclosed that the number of policyholders currently stands at 1.8million.

Ilori, who was represented by the Director of operations, NIA, Mr Lanre Ojuola, noted that the industry is paying claims but those benefiting from it are mostly the silent minority who prefer to keep mute about it.

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Ilori said: The number of policyholders are currently 1.8million. The low penetration level is due to a lack of willingness by many Nigerians to purchase insurance.

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“An average Nigerian is supposed to have one insurance policy or more but at the end of 2018, we only have 1.8 million policyholders.”

Speaking further, Ilori stressed that in order to avoid non -payment of claims or delay in claims payment, insurance consumers must avoid under insurance, comply with policy terms and conditions, update their knowledge on insurance, pay their premium when due and seek professional advice.

Vanguard News Nigeria.

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