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Insurance companies earned N630.36bn, paid N238.05bn claims in 2021 – NAICOM
By Matthew Eloyi
In the fiscal year 2021, the insurance industry paid a total of N238.05 billion in insurance claims.
Rasaaq Salami, NAICOM’s Head of Corporate Communications and Market Development, revealed the figure on Monday.
The value of the Nigerian insurance business increased from N2.02 trillion in 2020 to N2.13 trillion in 2021.
Nigerian insurance companies received a total gross premium income of N630.36 billion during the year, compared to N520 billion in 2020.
Mr. Olorundare Thomas, the Commissioner for Insurance and Chief Executive Officer of NAICOM, had earlier urged the management of insurance companies in Nigeria against refusing to pay claims, during a conference for insurance directors with the theme “Insurance sector in a changing world.”
While the commission has taken steps to reposition the insurance business and make it a substantial contributor to the country’s Gross Domestic Product, he said the issue of claims settlement was jeopardizing those efforts.
The Commissioner stated that the insurance sector is all about paying genuine claims, and anything less will continue to undermine the industry’s reputation in the country.
He urged the Directors to work closely with their management, saying that a lot is required of them in order to move the industry forward.
According to Thomas, the Commission is working hard to open up the market, particularly at the retail level, as well as engaging in discussions with other organizations and state governments about the need to improve insurance culture across the country.
In his words, “If the industry is desirous of having significant impact on the nation’s GDP, it therefore must take retail business seriously. This has to start from the policy level and the directions clearly spelt out.
“This also must be supported with massive awareness campaign about insurance products across the geo-political zones taking into consideration peculiarity of each of the regions.
“One issue that has been setting the industry on a reverse gear in its developmental efforts is the issue of claims settlement. A few amongst us have been making this work a tedious one by not paying claims promptly.
“We should know as a fact that insurance business is about payment of genuine claims and anything short of that will continue to hurt insurance business in the country thereby giving the industry poor reputation, perception and image. I urge you to look at this issue at your level and deal with it decisively as it has continued to give the industry a bad name.”
He also stated that the volatility, dynamism, and complexities in today’s business operations have prompted the need for a risk-based approach to the Regulator’s supervision and inspection of insurance organizations.
According to Thomas, the Commission began implementing Risk Based Supervision in the industry on this assumption.
He further stated that as part of its fundamental duty, the commission is dedicated to guaranteeing proper policyholder protection.
President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
Tinubu arrives Katsina to receive Buhari’s body for burial
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader
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