#EndSARS: Insurance companies pay N4bn claims â NIA
Mr Ganiyu Musa, Chairman, NIA, disclosed this at a news conference in Lagos on Thursday.
Musa also assured customers that all genuine claims emanating from the protests would be paid.
He said insurance operators were still collating claims stressing that every genuine claim would be settled.
âThe number of insured businesses that were affected at the last count was about 2,000 insured loss and the industry have settled N4 billion claims out of N4.5 billion in respect of the #EndSARS protests.
â Once they are documented and completed, we have the commitment of our members that the claims will be paid timely,â he said.
Wed Apr 28 2021
The Group Managing Director/CEO, Cornerstone Insurance Plc, Mr Ganiyu Musa, has said the company paid N4.6 billion as claims to its clients in 2020.
The CEO disclosed this at the Nigerian Council of Registered Insurance Brokers (NCRIB) Abuja Area Committee Annual General Meeting (AGM)/Election sponsored by Cornerstone Insurance held in Abuja.
He also stated at the event that his company grossed about N20bn in premium income in 2020 and raised its capital base to over N9bn.
“In terms of the strength of our finances, within 2020, we grew our gross premium by more than 30 per cent to close at N20 billion. And we made a total comprehensive income of almost N3bn in 2020 and that’s coming on the back of 2019 that was also a very stellar performance.”
Ebere Nwoji
Stakeholders in the insurance industry have identified investment in technology, knowledge acquisition as key to achieving work flow efficiency in the delivery of services to consumers.
The stakeholders made the remarks at the April edition of the Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Committee meeting held in Lagos.
The meeting, which had the theme, âWork Flow Efficiency,â was sponsored by Cornerstone Insurance Plc.
The forum witnessed presentations on work flow efficiency tied to motor policy, as well as marine business, and how insurance consumers could be served better from a knowledge background.
Speaking at the meeting, the Chairman, NCRIB Lagos Area Committed, Rotimi Olukorode, in his welcome remarks said it was the first empowerment series to equip members with the right knowledge and skills that would enhance their efficiency in the profession.
COVID-19, #EndSARS batter Insurance sector
On
It’s still showing resilience – Operators
By Peter Egwuatu
Adverse operating environment headlined by COVID-19 Pandemic and #EndSARS protest in 2020 has taken a massive toll on the growth rate of the Nigerian insurance industry.
But top 16 insurers have managed to record positive figures in their 2020 financial results though significantly below previous year’s figures. The 16 companies control over 80 percent of the entire industry.
The 16 companies are AIICO Insurance, Axa Mansard, Consolidated Hallmark, Cornerstone Insurance, and Coronation Insurance. Others are Linkage Assurance, Mutual Benefits Assurance, Nem Insurance, Niger Insurance, Prestige Assurance, Regency Alliance, Royal Exchange, Sovereign Trust, Sunu Assurance, Universal Insurance, and Veritas Kapital.
Vanguard News
Insurance sector struggles with adverse environment
On
Insurance
Adverse operating environment headlined by COVID-19 Pandemic and #EndSARS protest in 2020 has taken a massive toll on the growth rate of the Nigerian insurance industry.
But top 16 insurers have managed to record positive figures in their 2020 financial results though significantly below previous year’s figures. The 16 companies control over 80 percent of the entire industry.
The 16 companies are AIICO Insurance, Axa Mansard, Consolidated Hallmark, Cornerstone Insurance, and Coronation Insurance. Others are Linkage Assurance, Mutual Benefits Assurance, Nem Insurance, Niger Insurance, Prestige Assurance, Regency Alliance, Royal Exchange, Sovereign Trust, Sunu Assurance, Universal Insurance, and Veritas Kapital.