Niger Insurance pays N1.15bn claims to policyholders

By Kayode Tokede

Niger Insurance Plc on Thursday said it had paid N1.15 billion to its policy holders from 2020 to date.

Managing Director and Chief Executive Officer of the company, Mr Edwin Igbiti  said this in a statement in Lagos .

Igbiti’s reaction followed recent publication claiming that the Nigerian Insurers Association (NIA) has sanctioned Niger Insurance and others  over alleged failure to meet obligations with policy holders .

According to him, the company is also working on liquidating its real estate assets to further alleviate the plight of its policy holders.

According to him, the firm would not relent efforts in meeting the expectations of its customers.

“In addition to meeting our commitments of our policy holders, we have created customer engagement forum to address customers’ complaints.

“This have been very effective in addressing concerns and enquires, especially, in the present status of the company and management initiatives, “ Igbiti said.

He emphasised that the company would remain a responsible and committed corporate organisation.

The managing director assured its stakeholders that all obligations, especially in the area of payment claims, would be met in line with the provisions of insurance practices.

Recall that the insurance company had been undergoing liquidity challenges for some years, which had delayed the settlement of outstanding claims.

Consequently, the company was able to pay claims and benefits totalling N1.7 billion in 2019 as against N1.6 billion paid in 2018.

The management of the firm said it has been aggressive in its efforts to unlock capital through restructuring of its investment portfolio while divesting from under-performing asset classes.

Established in August 1962 as a specialists life company under the name Yorkshire Insurance Company, Niger Insurance Plc is a publicly quoted company with an asset base in excess of N21 billion and fully paid-up share capital of over N2 billion.