Great Nigeria Insurance Plc (GNI) said it paid a total of N501.6 million claims in the first quarter of this year.
Great Nigeria Insurance spokesperson and corporate communications/brand manager, Oyinkansola Sobande, in a statement on the total claims so far paid by the company this year, stated that claims experienced so far have been very alarming, a situation she attributed to the downturn in the economy. According to her, “every insured wants to claim at every given opportunity which impacted the company’s claims figure since the occurrence of the pandemic.”
Giving the breakdown of claims paid by the company in the first quarter of 2021, she said Group Life Insurance had the highest figure of N422 million while General Insurance business totalled N79 million.
Financial Inclusion: Challenges, prospects of increasing access to insurance
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By Rosemary Iwunze
In 2012, the Central Bank of Nigeria, CBN, launched the National Financial Inclusion Strategy with the aim of increasing the number of adults that have access to financial services to 80 per cent by 2020.
To achieve this, different targets were set for each sector of the financial system. For the Insurance industry, the target was 40 per cent insurance penetration amongst the adult population by the year 2020.
According to a survey released by Enhancing Financial Innovation and Access, EFInA, in 2018 titled: “Access to Financial Services in Nigeria 2018 Survey”, out of a total adult population of 99.6 million, only about 1.6 million adults representing 1.6 per cent had any form of insurance in 2018, representing 0.1 per cent decline from 1.7 million adult population in 2016.