Insurance companies in Nigeria paid N224bn claims to the insuring public in 2021, the Nigerian Insurers Association (NIA) has said.
The Chairman, NIA, Mr, Ganiyu Musa, who disclosed this during a press briefing in Lagos, said, “Last year, the gross premium written stood at about N508bn while claims paid by member companies amounted to about N224bn which is 44 percent of the total industry premium.”
Speaking on the Consolidated Insurance Bill 2020, he said the bill was still receiving legislative attention in the National Assembly.
He said, “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.”
Musa said the association would continue to complement the efforts of NAICOM in the campaign on the domestication of compulsory insurances in the states.
“It is our expectation that laws on compulsory insurance can be domesticated in other states just as Lagos State has done,” he said.
Beyond the efforts of the commission, Musa said the association had also scaled up its market development initiatives through strategic engagements with the various states.
While giving an update on the NIA House, he said the project was nearing completion and the building committee chaired by Mrs. Ebelechukwu Nwachukwu had been saddled with the responsibility of organiZing the unveiling of the new NIA House.
He said it also planned to use the occasion to mark the association’s 50th-anniversary celebrations.
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