Increased awareness, confidence raise insurance claims- NAICOM
National Insurance Commission
Increased awareness, confidence raise insurance claims- NAICOM
Nike Popoola
Increased awareness and confidence in Nigeria’s insurance sector is making impact of the claims settlement of insurance companies.
The National Insurance Commission (NAICOM), stated this in the industry’s bulletin performance for the first quarter of 2024, obtained by Dailyeconomy.
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.
“The total claims reported during the quarter stood at N149.1bn which is about thirty-two (31.7%) per cent of all the premiums generated during the period.
“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.
