38 Firms Raked in N54.1bn from Oil and Gas Insurance Businesses in 2016.

Thirty eight underwriting firms in Nigeria generated N54.130 billion as gross premium from oil and gas insurance businesses in 2016; but expended only a paltry N4.642 billion as claims to companies. Data obtained from the Nigeria Insurers Association (NIA), the umbrella body of insurance underwriters in the country, showed that a total of N38.8 billion… Continue reading 38 Firms Raked in N54.1bn from Oil and Gas Insurance Businesses in 2016.

Nigerian Life Insurance Firms Posted N124.6bn Gross Premium in 2016

Life Assurance underwriting Companies in Nigeria generated a total of N124.6billion gross premium in the year 2016. The companies ceded a total of N7.3billion to their reinsurers while retaining N117.2 billion as net premium. Gross claim paid by the life operators during the period stood at N67.2billion while net claims stood at N54.6billion. Management expenses… Continue reading Nigerian Life Insurance Firms Posted N124.6bn Gross Premium in 2016

Unpaid Claims: Insurance Companies To Lose N30bn Statutory Deposit

Insurance companies in the country who fail to pay genuine claims, risk losing a substantial part of their cumulative N30 billion statutory deposits, while managing directors of the underwriting firms will also face removal, this was revealed by reliable inside sources. Findings revealed that the 58 registered insurance companies in the country have cumulative statutory… Continue reading Unpaid Claims: Insurance Companies To Lose N30bn Statutory Deposit