Insurance claims had been on the increase since 2011 but declined last year. In 2011, Nigerian insurers cumulatively paid N70.71 billion in claims, in 2012, they paid 72.21 billion but in 2013, the claims jumped by about N10 billion to close at N92.95 billion.
From 2011 to 2014, the insurance industry paid out cumulatively some N326.3 billion in claims.
Industry experts say the declining claims payment also impacted positively on the insurance industry balance sheets as most of them posted significant profits.
Thus, the Nigerian Insurers Association (NIA) at its 44th Annual General Meeting held in Lagos Thursday, reported an industry total premium income of N319 billion in 2014 compared to the N285 billon it posted in 2013, representing an increase of N34 billion or 12 per cent.
The chairman of the NIA, Mr. Gus, noted that insurance companies now pay claims promptly.
