By Bisi Bamishe
The total claims reportedly paid by insurance operators during the first quarter of 2024 stood at N149.1bn which is about thirty-two (31.7%) per cent of all the premiums generated during the period.
The National Insurance Commission (NAICOM), stated this in the industry’s bulletin performance for the first quarter of 2024.
The report stated, “Increased public enlightenment and growing confidence of stakeholders concerning claims settlement is reflected in the volume of gross claims reported in Q1 of 2024.
“This is a win-win situation for insurers, policyholders and society at large as stakeholder confidence remains a major determinant of market deepening and sustainability in the long run.”
According to the report, the net claims paid were also recorded at N132.7bn, signifying 89.1% of gross claims reported during the period with the Life segment of the market polling an almost perfect point of 92.7%.
The proportion of net claims settlement against reported claims in the non-life corner of the market was also impressive with a record of 85.9 per cent owing mostly to issues regarding incomplete documentation of claims reports.
