Insurance industry records over 15% growth in premium income

*As claims expenses climbed by 31%

Insurance industry records over 15% growth in premium income

The National Insurance Commission, NAICOM, has said that gross premium written grew by 15.2 percent in 2019 at N490.9 billion against N426.2 billion recorded in 2018.

However, total claims paid went up by 31 percent to N330.4 billion against N252.2 billion recorded in 2018.

The acting Commissioner for Insurance, Mr. Sunday Thomas, who disclosed this at a retreat for members of the House Committee on Insurance and Actuarial Matters in Uyo, over the weekend, also said that NAICOM is addressing the issue of non-payment of claims by some insurance operators.

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He stated: “There is no denying the fact that there are indeed some cases of delays in the payment of claims by some operators. The Commission is, however, addressing such cases as soon as they are brought to our notice.

‘‘It is for this reason that the Commission has strengthened its Complaint Bureau Unit in order to effectively address consumers’ complaints within the shortest possible time.’’

Thomas added that NAICOM has commenced the process of attaining full digitization of insurance business in Nigeria.

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