RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Banking

Insurance claims hit N1.5tn as confidence, awareness rise

Rate Captain by Rate Captain
April 24, 2023
in Banking
Reading Time: 2 mins read
A A
0
Insurance claims hit N1.5tn as confidence, awareness rise
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Insurance companies paid N1.5tn claims in six years as businesses increased, NIKE POPOOLA reports.

The biggest advertisement needed to promote insurance patronage is prompt claims settlement according to industry experts.

The Nigerian underwriting companies have so far paid N1.5tn claims to their customers in six years according to industry statistics.

Figures obtained from the industry regulator, the National Insurance Commission, reveal that the claims paid by the underwriters have been on the rise with increased awareness and premiums.

According to the industry bulletin report for 2022 financial period released by NAICOM, the industry paid claims totalling N318.2bn to its customers in the period under review.

Claims of N336.8bn was recorded in 2021, from N247bn in 2020 and N225bn in 2019.

The claims paid in 2018 and 2017 were N252bn and N186bn respectively.

Total claims paid in the six-year period amounted to N1.5tn.

The NAICOM bulletin reveals that premiums earned by the industry rose to N726bn in 2022 from N616.6bn in 2021, and N514bn in 2020.

Premiums of N508.23bn, N426.2bn and N372bn were earned in 2019, 2018 and 2017 respectively.

The premium in the periods under review amounted to N3.16tn.

NAICOM states in the 2022 bulleting that, “The insurance claims reported during the fourth quarter stood at N318.2bn representing 31.2 per cent QoQ growth.

“Possible attainment as a result of growing awareness and market expansion as well as consumer’s confidence.”

Insights into the non-life segment shows that motor insurance led with regards to claims settlement vis a vis gross claims reported at about 92.3 per cent, signifying a nine points improvement as against its prior position.

Fire insurance was the least at about 46.3 per cent, the only class below average proportion. All other portfolios of general accident insurance at 80.7 per cent, oil & gas at 51.6 per cent, marine & aviation at 74.4 per cent, miscellaneous insurances at 86.1 per cent recorded a proportion above the average, of paid claims against gross claims reported.

Life insurance business on the other hand reported two points less in comparison to the position held in the prior period of 94.6 per cent of net claims paid compared to total claims reported during the same period of 2021

AlsoRead

CBN Survey Shows Improved Credit Access in Q4 2025 Amid Rising Loan Defaults

CBN Confirms 20 Banks Meet New Recapitalisation Requirements as March Deadline Looms

Nigeria Deposit Insurer Declares N24.3 Billion Payout to Heritage Bank Depositors

Insurance companies paid N1.5tn claims in six years as businesses increased, NIKE POPOOLA reports.

The biggest advertisement needed to promote insurance patronage is prompt claims settlement according to industry experts.

The Nigerian underwriting companies have so far paid N1.5tn claims to their customers in six years according to industry statistics.

Figures obtained from the industry regulator, the National Insurance Commission, reveal that the claims paid by the underwriters have been on the rise with increased awareness and premiums.

According to the industry bulletin report for 2022 financial period released by NAICOM, the industry paid claims totalling N318.2bn to its customers in the period under review.

Claims of N336.8bn was recorded in 2021, from N247bn in 2020 and N225bn in 2019.

The claims paid in 2018 and 2017 were N252bn and N186bn respectively.

Total claims paid in the six-year period amounted to N1.5tn.

The NAICOM bulletin reveals that premiums earned by the industry rose to N726bn in 2022 from N616.6bn in 2021, and N514bn in 2020.

Premiums of N508.23bn, N426.2bn and N372bn were earned in 2019, 2018 and 2017 respectively.

The premium in the periods under review amounted to N3.16tn.

NAICOM states in the 2022 bulleting that, “The insurance claims reported during the fourth quarter stood at N318.2bn representing 31.2 per cent QoQ growth.

“Possible attainment as a result of growing awareness and market expansion as well as consumer’s confidence.”

Insights into the non-life segment shows that motor insurance led with regards to claims settlement vis a vis gross claims reported at about 92.3 per cent, signifying a nine points improvement as against its prior position.

Fire insurance was the least at about 46.3 per cent, the only class below average proportion. All other portfolios of general accident insurance at 80.7 per cent, oil & gas at 51.6 per cent, marine & aviation at 74.4 per cent, miscellaneous insurances at 86.1 per cent recorded a proportion above the average, of paid claims against gross claims reported.

Life insurance business on the other hand reported two points less in comparison to the position held in the prior period of 94.6 per cent of net claims paid compared to total claims reported during the same period of 2021

Previous Post

Lagos, Ogun, Kano lead Nigeria’s Internet growth – NBS

Next Post

Projects concession to raise N180bn revenue – ICRC

Related News

NEC Affirms CBN $3 Billion Loan for Naira Stability

CBN Survey Shows Improved Credit Access in Q4 2025 Amid Rising Loan Defaults

by Stephen Akudike
January 21, 2026
0

Nigeria’s banking sector expanded credit availability to households and businesses in the fourth quarter of 2025, but lenders faced mounting...

Leading Banks Struggle with Capital Deficits: Zenith Bank and Others Strive to Meet CBN Standards

CBN Confirms 20 Banks Meet New Recapitalisation Requirements as March Deadline Looms

by Stephen Akudike
January 21, 2026
0

The Central Bank of Nigeria (CBN) has announced that 20 deposit money banks (DMBs) have fully complied with the new...

NDIC Begins Verification Exercise for Insured Depositors of Defunct Peak Merchant Bank.

Nigeria Deposit Insurer Declares N24.3 Billion Payout to Heritage Bank Depositors

by Stephen Akudike
January 12, 2026
0

The Nigeria Deposit Insurance Corporation (NDIC) has announced a second liquidation dividend of N24.3 billion for distribution to former customers...

CBN’s Recapitalization Budget of $1 Trillion Sparks Debate Among Industry Stakeholders

Regulators Draw the Line: CBN, NDIC Push Back as Mortgage Banks Take Licence Fight to Court

by Stephen Akudike
January 6, 2026
0

A high-stakes legal showdown is unfolding in Abuja as Nigeria’s top financial regulators move to shut the door on a...

Next Post
Projects concession to raise N180bn revenue – ICRC

Projects concession to raise N180bn revenue – ICRC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

World Bank Emphasizes Cash Transfers to Break Poverty Cycle in Nigeria

Nigerian Companies Secure Over $2.5 Billion in World Bank Contracts, Rank Fifth Globally

January 28, 2026
Nigeria Plans New FX Rules, Targeting 750 Naira Exchange Rate

Naira Strengthens to N1,400.66/$ in Official Market as US Dollar Weakens Globally

January 28, 2026

Popular Story

  • 2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

    Nigeria and UAE Sign Landmark Trade Deal to Eliminate Tariffs on Thousands of Products

    0 shares
    Share 0 Tweet 0
  • Dangote Refinery Suspends Petrol Sales and Cancels Contracts as Crude Supply Issues Bite

    0 shares
    Share 0 Tweet 0
  • US Records $1.45 Billion Trade Surplus with Nigeria in First 10 Months of 2025 as Exports Surge 60%

    0 shares
    Share 0 Tweet 0
  • Nigeria Customs Service Surpasses N7.2 Trillion Revenue Target in 2025

    0 shares
    Share 0 Tweet 0
  • National Grid Collapses Again, Plunging Nigeria into Nationwide Blackout

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>