POLICYHOLDERS RECOUP N540BN CLAIMS FROM INSURANCE FIRMS
source: http://www.eyesoflagos.com/2018/07/policyholders-recoup-n540bn-claims-from.html

Insurance policyholders across the country have recouped N540 billion claims from the insurance industry in the last five years after suffering insured risks, Eyes Of Lagos can exclusively reveal. The industry also generated N1.5 trillion premium income in the last five years, A year-on-year (Y-o-Y) analysis of the claims payment trend from 2013 to 2017 shows that there is a consistent progress in claims paid by the industry, even as more policyholders are now aware of how to claim when an insured risk occurs, unlike what it was years back. Within the period under review, findings show that non-Life Insurance companies paid N287 billion claims, while Life Insurers paid N253 billion, thereby bringing the cumulative claims paid by the sector to policyholders to N540 billion. In 2013 financial year, insurance sector paid N92.9 billion claims to claimants, out of which the non-life underwriters paid N38.6 billion, while life insurers paid N34.3 billion. By 2014, policyholders got N35.9 billion claims from life underwriters as well as N51 billion from non-life insurers, bringing the total claims paid for that financial year to N86.9 billion. At the end of 2015 financial year, the industry had paid N105.1 billion claims of which life outfits paid N50.5 billion, with non-life operators paying N54.6 billion compensation to policyholders. A cumulative sum of N119.5 billion was paid as compensation to claimants in 2016, wherein life insurance firms remitted N61.8 billion and non-life outfits paid N57.7 billion claims. While the total claims profile of the insurance industry in 2017 financial year could not be ascertained, with some underwriters yet to get regulatory approval on their accounts, market observers’ project that the industry could have paid N135 billion claims in the last financial year. Investigation by Eyes Of Lagos also showed that the benefiting claimants comprise of public and private companies, government at federal, state and local levels as well as individuals who have paid premium to insure their respective risks before they happened. Although most people have faulted the inability of some underwriting firms to pay claims as and when due, leading to low patronage of the insurance industry, things seem to have changed for better as insurers are now waking up to the reality that they will lose their customers if they refuse to promptly pay genuine claims. With incessant increase in volume of car crash, building collapse, fire incident in factories and market places, among other risks across the country, there has been continuous upsurge in the volume of claims in the last five years. Besides, increase in replacement value of insured assets, which is making underwriting firms to pay more to replace assets when risk occurs, could be partly responsible for the increase in claims value. Meanwhile, the insurance industry generated a whopping N1.5 trillion premium income in the last five years, despite the low insurance adoption and penetration in the country. In 2013, insurance companies made N267.8 billion premium income, generated N293 billion in 2014, made N312.4 billion premium income in 2015 and in 2016, the premium income of the industry was N315.8 billion, while the industry recorded N363 billion premium income in its 2017 financial year end. Managing director of AIICO Insurance Plc, Mr Edwin Igbiti, while speaking on the claims paid by the insurance sector in the last five years, said insurance companies exist to assume the responsibility of the premium they collect, which is the payment of claims. “We realise that we exist, not just to create wealth but to provide protection for our clients in return for premium payments,” he said. On his part, immediate past chairman, Nigerian Insurers Association (NIA), Mr Eddie Efekoha, said insurance operators have improved in the area of prompt payment of genuine claims, noting that the association has persuaded its members on the need to honour claims obligations, which according to him, is the reason why underwriting firms exist. He said the best form of insurance advocacy that operators can do is to pay claims, adding that the beneficiaries will spread the gospel of getting claims in insurance firms, thus persuading more people to pick up insurance policies. Efekoha who is also managing director of Consolidated Hallmark Insurance Plc said insurance operators would continue to live up to their claims responsibilities, noting that insurance should be considered first in decision making, especially now that it is difficult to replace lost items due to high replacement value. Accordingly, he advised his colleagues to publicise the claims they pay, as this will increase insurance awareness and acceptance. Managing director of Alpha Choice Insurance Brokers Limited, Mr Sunny Adeda, had earlier stated at a forum in Ijebu-Ode, Ogun State, that payment of claims as and when due remains the best way to deepen insurance penetration, even as it will persuade people to have trust in insurance firms. He disclosed that the industry had paid billions of Naira of claims that most people are not aware of, urging operators to henceforth increase publicity on the claims they pay.

That's massive!
We had our share of it also..... but we'd rather not choose not to have it.
It is what it is.
There are somethings you have this so much sentimental attachment to.

This is great news for the industry!

The way billions are flying around these days eeeen!

kristonium:
This is great news for the industry!

Which industry?

post=69034416:
That's massive! We had our share of it also..... but we'd rather not!

Do you even understand what was posted?

Do they accept HIV patient, Cancer patients etc for this life insurance?

Collected 120k last year . Carry d car go meet monsuru fix am 40k

okay....

I haven't recieved my share yet. Still waiting for the credit alert

What sort of writing is this?

No paragraphs at all?

God why have you blessed this country with more than enough lazy youths, why?

Don’t ever DEPOSIT your money nor think of doing business with NIGER INSURANCE now. They have malignant issues beyond their management. Some of their staff still parade themselves deceiving the uninformed public.

yeyerolling:
Collected 120k last year . Carry d car go meet monsuru fix am 40k

how much did you pay to insure it?

Insurance industry is more reliable now with prompt payment of claims unlike in those days when policyholders were ripped off of their claims and investments.

yeyerolling:
Collected 120k last year . Carry d car go meet monsuru fix am 40k

So you're part of them robbing us abi

Anyways thank God naicom has stepped up, the industry is making sense now.

Maket:
Do they accept HIV patient, Cancer patients etc for this life insurance?

Yes they do. But higher premium

T

Insurance is making sense over the years in Nigeria now, also we're having functional regulatory body that overseas the activities of insurance companies. Only that the level of awareness is very low, I believe this type of news on this wonderful platform will be a wake up call.

I represent best brand in insurance industries.

israelmao:
Insurance industry is more reliable now with prompt payment of claims unlike in those days when policyholders were ripped off of their claims and investments.

Thank Naicom for that, compliance has been a crucifixion so nobody wants to be caught sleeping.

Maket:
Do they accept HIV patient, Cancer patients etc for this life insurance?

No. Insurance covers only risks that have not materialize at inception of the policy.

even if you try to conceal it, for every claim, investigation and supporting documents will be verified which will automatically render the contact void ab initio.

Insurance should be made compulsory for every one and everything has to be insured that is what is done in developed countries. In Nigeria, u will tell a man to insure his cargoes against uncertainty, he will tell u that his pastor has backed his business in prayer.

When my car was stolen in 2014 at the airport, it was replaced by cornerstone insurance within a month, since that day, I have insured all my properties under different covers, I even have Health Insurance for my kids. I don't want any story .... Insurance should be encouraged, it really helps.

DukeNija:


Yes they do. But higher premium

Bros if you have a critical sicknesses like HIV or cancer you can not insure such sickness except for some minor sicknesses even at that, medical examination and supervision will be required. you only insure a "fortuitous" risk meaning a risk that can happen by chance rather than intention.

yeyerolling:
Collected 120k last year . Carry d car go meet monsuru fix am 40k

and why is that something to be proud of?

When fraudulent claim like this happen, premiums are raised across board to cushion such fraudulent claims thereby robbing genuine clients of their money. It simply means you are a thief.

Later you begin to blame government of corruption.

SonsOfLiverpool:
No. Insurance covers only risks that have not materialize at inception of the policy.

even if you try to conceal it, for every claim, investigation and supporting documents will be verified which will automatically render the contact void ab initio.

Still a lot of loopholes. A friend of mine always Dupe them of 5-7millon yearly. Through car insurance. Don't ask me how

yeyerolling:
Collected 120k last year . Carry d car go meet monsuru fix am 40k

It's peeps like u that kill.the industry, all this things are the reason insurance company don't trust claimants cus they lie alot... Oga change... U must not be a typical cheat... Change begins with u

Rickyuzzy:
Insurance should be made compulsory for every one and everything has to be insured that is what is done in developed countries. In Nigeria, u will tell a man to insure his cargoes against uncertainty, he will tell u that his pastor has backed his business in prayer.

When my car was stolen in 2014 at the airport, it was replaced by cornerstone insurance within a month, since that day, I have insured all my properties under different covers, I even have Health Insurance for my kids. I don't want any story .... Insurance should be encouraged, it really helps.

True.

many areas of our economy have compulsory insurance mandate but as Nigerians, we hardly impose these laws.

however, the industry is a growing one and i can tell you, with time we will get it right.

Please educate others.

Byeeee...

Gaddafiyusf:

Still a lot of loopholes. A friend of mine always Dupe them of 5-7millon yearly. Through car insurance. Don't ask me how

Too bad.

Rickyuzzy:


It's peeps like u that kill.the industry, all this things are the reason insurance company don't trust claimants cus they lie alot... Oga change... U must not be a typical cheat... Change begins with u

SonsOfLiverpool:
and why is that something to be proud of?

When fraudulent claim like this happen, premiums are raised across board to cushion such fraudulent claims thereby robbing genuine clients of their money. It simply means you are a thief.

Later you begin to blame government of corruption.

i had paid premium for long without claiming. So i collected money based on island price where i stay. and found my self in iyana ipaja too. Where monsuru do am cheap. Hw is it fraud

Maket:
Do they accept HIV patient, Cancer patients etc for this life insurance?

Are you kidding me?

Rickyuzzy:
Insurance should be made compulsory for every one and everything has to be insured that is what is done in developed countries. In Nigeria, u will tell a man to insure his cargoes against uncertainty, he will tell u that his pastor has backed his business in prayer.

When my car was stolen in 2014 at the airport, it was replaced by cornerstone insurance within a month, since that day, I have insured all my properties under different covers, I even have Health Insurance for my kids. I don't want any story .... Insurance should be encouraged, it really helps.

Hahahahaha
I am elated that this is coming from a lady.
Many Ladies have fallen short of these gods of men