1 month ago
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A consortium of security companies who underwrote the concern of Brittania-U, person successfully dispatched the idiosyncratic claims arising from that concern to the tune of N82.5billion($55million), it was learnt.
This is adjacent arsenic security companies successful the state person truthful acold settled astir N180billion($120million) large summons claims to immoderate concern policyholders who suffered insured risks connected their assets successful the existent year.
Brittania-U is simply a Nigerian indigenous petroleum institution focused connected integrated vigor services, including exploration, production, drilling, and trading.
The institution operates successful the Ajapa marginal tract and owns the FPSO Britannia UI, which experienced a important occurrence incidental successful July 2024 of which its assertion was filled.
Using 1,500 to a dollar, the institution had earlier filled a N108 cardinal (72m dollars) claims to the security manufacture which was aboriginal adjusted to N82.5biillion and was dispatched accordingly.
The institution had earlier paid N255 cardinal ($170,000) arsenic premium to underwrite the business, a fig that was precise tiny compared to the claims paid. However, the N180 cardinal big-ticket payments, it was learnt, is speech different pockets of smaller claims paid by security operators successful the country.
Confirming this improvement astatine the ongoing NAICOM Annual seminar for Insurance Journalists successful Abeokuta, Ogun State, the commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Olusegun Omosehin said, this outgo is simply a feat and a testament that security companies really wage genuine claims contrary to the insinuation of immoderate Nigerians.
He besides disclosed that the committee has maintained a hard stance connected immoderate relation who refused to wage genuine claims successful the country.
Recall that the full claims paid by the security manufacture successful archetypal 4th of 2025, the latest information disposable stood astatine N266billion. Although the full claims reported signifies conscionable astir 34.6 per cent of each the premiums generated during the aforesaid period, it was a win-win concern for insurers and policyholders arsenic it underpins the underwriting prime and marketplace sustainability.
The aggregate Net claims paid for some beingness and non-life insurances besides stood at
N167.3billion, signifying 62.8% of each the claims reported during the play with the Life conception of the marketplace reporting astir 67.1 per cent portion the non-life conception recorded 60.1 per cent.
The proportionality of nett claims colony against reported claims successful the marketplace was mean mostly owing to issues of incomplete oregon delayed documentation of claims reports.
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