16 Insurance Firms Pay N67.12bn Claims In Six Months

No fewer than sixteen insurance companies  have a total claims of 36.48 percent increase in the first half of this year.

This is an increase to N67.12 billion from N49.18billion in the same period of 2020.

An analysis of data collated from an unaudited financial statement showed that they paid policy holders N67.12bn in claims in H1 2021.

Recall in July, the Commissioner for Insurance, Mr Sunday Thomas, said the National Insurance Commission was ensuring that defaulting insurance companies paid all their outstanding claims.

He added that NAICOM was putting measures in place to boost insurance penetration and prepare the industry for the future.

The gross benefits and claims paid by AIICO Insurance Plc in the first half of 2021 rose to N22.17bn from the N15.77bn paid in the same period a year earlier, while AXA Mansard Insurance Plc paid N11.16bn in claims as against N9.65bn in H1 2020.

NEM Insurance Plc said the direct claims paid to its policyholders increased to N5.52bn in H1 2021 from N5.29bn in the corresponding period of 2020, while the claims paid by Mutual Benefits Assurance Plc rose to N5.26bn from N3.18bn.

LASACO Assurance Plc said it paid N4.02bn claims in the period under review, compared to N2.05bn in H1 2020, while Prestige Assurance Plc paid claims worth N3.18bn as against N1.31bn in H1 2020.

The gross claims paid to policyholders by Coronation Insurance Plc fell to N2.86bn in H1 2021 from N3.74bn in the same period a year earlier, according to its unaudited financial statements.

Cornerstone Insurance Plc paid gross claims of N2.28bn from January to June this year, up from N2.08bn in H1 2020. The claims paid by Consolidated Hallmark Insurance Plc rose to N1.59bn from N1.31bn.

SUNU Assurances Nigeria Plc’s claims payment jumped to N1.44bn in H1 2021 from N766.53m in the same period last year, while the benefits and claims paid by Veritas Kapital Assurance Plc surged to N2.49bn from N662.84m.

The claims paid by Linkage Assurance Plc increased to N1.39bn from N1.09bn while that of Sovereign Trust Insurance Plc rose to N1.87bn from N1.48bn.

The gross claims paid by the Regency Alliance Insurance Plc soared to N1.46bn in the six-month period under review from N553.35m in H1 2020 while Universal Insurance Plc’s direct claims payment increased to N322.05m from N250.33m.

Guinea Insurance Plc said it gross claims of N111.13m were paid in H1 2021, down from the N147.29m paid in the same period of 2020.