The Nigerian Insurers Association (NIA) on Monday disclosed that insurance companies in the country paid N224bn claims to the insuring public in 2020 The association’s Chairman, ,
Mr Ganiyu Musa, who gave this figure during a press briefing in Lagos, said that last year, the gross premium written stood at about N508 billion while claims paid by member companies amounted to about N224 billion, representing 44 per cent of the total industry premium.
Musa, who also spoke on the Consolidated Insurance Bill 2020, confirmed that the bill was still receiving legislative attention in the National Assembly, adding that the association is optimistic that the bill will soon be passed by the Legislature He explained:
“The association is on top of developments on it. We are optimistic that the bill will be passed into law before long.
“We are happy to note that the Finance Act 2021 has been signed into law and this has resolved a major issue with regards to the definition of the components of minimum capital.
The association is engaging the National Insurance Commission with a view to determining the next steps”, the NIA leader added.
He promised that the association would continue to complement the efforts of NAICOM in the campaign on the domestication of compulsory insurances in the states, adding that “it is our expectation that laws on compulsory insurance can be domesticated in other states just as Lagos State has done.”
This is even as the risk underwriting expert pointed out that in addition to the efforts by NAICOM to grow the industry, the NIA had also scaled up its market development initiatives through strategic engagements with the various states.
On the NIA House, Musa said the project was nearing completion and the building committee had been charged with the responsibility of organising the unveiling of the new NIA House