Insurance Sector Reports N174.8bn Claims, Settles N148.2bn In Q2

The insurance industry has reported total claims of N174.8 billion in the second quarter of 2022, a performance bulletin released by the National Insurance Commission (NAICOM) recently, has shown.

NAICOM said that the net claims paid stood at about N148.2 billion which represented 84.8 per cent of all gross claims reported during the period.

The Commission said the performance reflected the professional under-writing capacity of the industry as driven by its intensified regulatory activities.

NAICOM said the life insurance business recorded 88.90 per cent claims settlement as against the reported claims while non-life segment stood at 76.8 per cent.

The Commission said that motor insurance retained its lead, posting a claims settlement ratio of 92 per cent.

It said that the oil and gas recorded 85. 7 per cent of claims settlement ratio, an increase of 43 points compared to its position of 42.8 per cent recorded in the corresponding period of 2021.

The Commission said miscellaneous insurance also posted 61.9 per cent, higher than 44 per cent paid claims ratio, compared to the corresponding period of 2021.

NAICOM said that General Accident paid claims of 75 per cent; fire 76.2 per cent while Aviation & Marine posted 61.9 per cent.

The Commission said the sector recorded an increased growth rate of 12 per cent.