NSIA Insurance Limited said that it paid over N3bn claims to its clients between the 2017 and 2018 financial period.
A statement said it placed high value on integrity and professionalism, and paying claims promptly was part of its commitment to its customers. “Proof of this is the payment of N2.4bn in claims settlement to the clients in 2017 and over N679m in 2018,” it added.
An analysis of the claims payment in 2018 per different class of business showed that N224.3m was paid on general accident Insurance policies; N257.8m on motor insurance policies; and N15.1m on engineering insurance policies.
It added that a total of N65.6m was paid to policyholders for fire insurance, N46.7m was paid on marine policies, while claims paid on oil & gas insurance policies was N69.9m.
The Managing Director/Chief Executive Officer, NSIA Insurance, Mrs Ebelechukwu Nwachukwu, stated, “Our commitment to paying genuine claims promptly is part of the characteristics of NSIA Insurance Limited. Our claims process is seamless and pacifying as the requirements are easy and not far-fetched.”
NSIA Insurance is equipped technically and financially to handle all classes and volumes of insurance risks, with the required capital base for Life and General Insurance business, the statement said.