INSIA Insurance Pays N27bn Claims in Five years

Ebere Nwoji

NSIA Insurance said it has paid a total of N27 billion claims to its policyholders in the past five years. The company said this is part of its commitment to customers and stakeholders.

Addressing the media briefly after the company’s 2023 Annual General Meeting held in Lagos, Chairman NSIA Insurance, Dr. Adesegun Akin-Olugbade, said the company paid N7.8 billion claims in 2023 alone and paid N19.2billion in the preceding four years, making a cumulative of N27 billion in 5 years.

He said   NSIA Insurance would remain unflinching in its commitment to fulfil obligations to its customers as it is prominently known. He added that the company’s Gross Written Premium recorded 24 percent growth up from N18 billion in 2022 to stand at N22.3 billion in 2023.

“The Insurance Service Result also grew by 18 percent to N19.8 billion from N16.8 billion in 2022. This growth permeated across the business lines with the Non-life and Life business achieving double-digit growth of 19 per cent and 17 per cent respectively, from N9.5 billion and N7.3 billion in 2022 to N11.3 billion and N8.6 billion in 2023,” he stated.

He said the company was able to successfully navigate the stormy macroeconomic  environment it found itself in 2023 by deploying cost optimisation initiatives and leveraging its technical and management expertise to deliver Profit Before Tax(PBT)of N3.2 billion and Profit After Tax(PAT)of N3.1 billion.

This according to the NSIA Insurance boss is indicating a growth rate of 344 percent and 400 percent respectively.

“Our positive performance was also reflected in other key metrics such as Return on Equity (ROE) which improved from 5 percent in 2022 to 19 percent in 2023 and Return on Asset (ROA) which improved from 3 percent to 9 percent .

Also speaking, the company’s Managing Director/CEO, Mr. Moruf Apampa noted that the vast opportunities in the retail insurance segment remained untapped as the company steadily increased its footprint in the retail sector.