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Lasaco Assurance Records Strong 2024 Result With N13.19bn Claims Payment, 25% Revenue Growth

 

L-R: Deputy Managing Director, Corporate Service, Lasaco Assurance Plc, Mr. Rilwan Oshinusi; Executive Director, Technical, Ademoye Shobo; Director, Ademola Oshodi; Director, Biodun Dosunmu; Company Secretary, Mrs. Gertrude Olutekunbi; Chairman, Mrs. Maria Olateju Phillips; Managing Director, Razzaq Abiodun; Director, Fola Tinubu; and Non-Executive Director, Tobi Lawal, during the company’s 25th Annual General Meeting (AGM) held in Lagos today, Thursday.

Amid Nigeria’s challenging macroeconomic environment, Lasaco Assurance Plc has reaffirmed its commitment to policyholder trust and financial prudence with a total claims payout of ₦13.19 billion in 2024.

 

Speaking at the company’s 25th Annual General Meeting (AGM) held in Lagos, the Chairman, Mrs. Maria Olateju Phillips, said the claims expenditure underscores Lasaco Assurance’s dedication to fulfilling its obligations and supporting customers in times of need.

 

“Our ability to settle N13.19 billion in claims despite the prevailing economic headwinds reflects the strength of our balance sheet, prudent risk management, and unwavering focus on customer satisfaction,” she stated.

 

The Chairman noted that Lasaco Assurance demonstrated remarkable resilience and operational strength during the financial year, with insurance revenue rising to N22.82 billion in 2024, a 25% increase from N18.29 billion in 2023. The company also recorded a Profit After Tax (PAT) of N1.54 billion, representing an 18% growth over the previous year’s N1.31 billion.

 

She explained that the company’s strong performance was driven by market penetration initiatives, improved customer engagement, and disciplined cost optimization.

 

Despite rising regulatory costs and inflationary pressures, Lasaco’s total assets expanded to N30.94 billion, reflecting a 13% year-on-year growth, thereby reinforcing its liquidity and capacity to meet policyholder obligations.

 

In a move to strengthen its capital base and enhance competitiveness within the insurance industry, the company raised N11.1 billion through a private placement, adding 9.25 million new shares to its existing shareholding structure.

 

Looking ahead, , Mrs. Maria Olateju Phillips outlined the company’s strategic outlook for 2025 and beyond, emphasizing innovation, digital transformation, and sustainability as key growth drivers.

 

She said Lasaco Assurance is investing in advanced software and omnichannel customer engagement tools to enhance service delivery, while also expanding retail insurance offerings through targeted products and strategic partnerships.

 

“We are not merely adapting to the future; we are defining it,” she affirmed. “With a clear vision, a strong financial base, and an unwavering commitment to excellence, Lasaco Assurance Plc is poised to set new benchmarks in Nigeria’s insurance industry.”

 

The Chairman expressed appreciation to shareholders, regulators, employees, and clients for their continued trust and support, assuring them that the company remains steadfast in its mission to create sustainable value and deliver on its promises.

NAICOM, FRSC, And NHIA Partner To Improve Road Safety, Insurance Compliance Under NIIRA 2025

 

The National Insurance Commission (NAICOM), Federal Road Safety Corps (FRSC) and National Health Insurance Authority (NHIA) have converged to strengthen their efforts in improving safety and emergency response on Nigerian roads through the Motor Third Party Insurance Scheme. This development follows a courtesy visit by the FRSC Corps Marshal Shehu Muhammed mni to the Commissioner for Insurance Mr. Olusegun Ayo Omosehin at NAICOM Headquarters today Thursday, October 23rd, 2025.

 

During the meeting, the Corps Marshal congratulated NAICOM on the signing of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and acknowledged the Commission’s efforts in driving reforms in the industry. He emphasized the need for enhanced data exchange between NAICOM and FRSC to develop a robust system for quick response to road accidents and compensation. The Corps Marshal also stressed the importance of digitizing the process for prompt emergency response and eliminating fake motor insurance policies.

 

The Commissioner for Insurance, in his response, thanked the Corps Marshal for the visit and commended his efforts in upgrading the licensing system. He highlighted that NIIRA 2025 has strengthened the compulsory third-party motor insurance policy and established a fund for compensating road accident victims, which will be administered by a committee that includes FRSC representation.

 

The Representative of the National Health Insurance Authority (NHIA), Mr. Ajodi Nuhu Nasir expressed profound satisfaction at the collaborative efforts among the agencies, noting that this synergy will culminate in a robust system that not only safeguards our roads but also ensures prompt and quality medical treatment for accident victims, thereby reducing the morbidity and mortality associated with road crashes.

 

 

The meeting culminated in the following agreements:

1. Data Sharing Integration: NAICOM and FRSC will integrate their data sharing systems to enable seamless information sharing.
2. Joint Awareness Campaign: The agencies will develop a joint awareness campaign strategy to educate the public on insurance benefits and road safety.
3. Enforcement Committee: A joint committee will be established to collaborate on enforcement of proper insurance coverage and address cases of fake insurance policies.
4. Inclusion of Insurance Requirements: FRSC will include insurance requirements, especially for valid third-party motor insurance, in its awareness and enforcement efforts.

 

The collaboration aims to promote road safety, ensure prompt treatment for accident victims, and protect the interests of motorists and other road users. A date will be announced for the inauguration of the joint committee.

Heirs Insurance Group Announces Inaugural Travel Festival: A Call For Inclusive Travel Ecosystem For Africans

Amaka Obiefuna
Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has announced the launch of the Heirs Insurance Travel Festival, scheduled to take place on November 29, 2025, in Lagos.
The one-day festival is a bold call for inclusive travel ecosystem for Africans, and will convene thousands of attendees, including travel ecosystem stakeholders, embassy representatives, tourism content creators, and travel lovers, across the tourism value chain for a first-of-its-kind immersive celebration of global cross-border tourism and culture.
With the theme “Promoting Cultural Diversity and an Inclusive Travel Ecosystem,” the event will feature high-level diplomatic dialogues and fireside chats with renowned African travel creators, aimed at fostering strong relationships and promoting global tourism, to build a more connected world.
Guests can look forward to an unforgettable experience, featuring immersive games, live performances, thought-provoking panel sessions, cultural showcases, vibrant music, and a curated marketplace with diverse vendors across food, lifestyle, tourism, and entertainment, all designed to bring the world closer to home.
Speaking about the Heirs Insurance Travel Festival, Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group, emphasized the uniqueness of the event and the role of insurance in facilitating such deep and meaningful convenings.
She said: “Travel is about discovery, exposure, and connection. The world is more connected than ever, but with border restrictions, it is becoming increasingly difficult to explore possibilities and opportunities. Heirs Insurance Group is creating a platform to address these limitations, as insurance plays a key role in unlocking these opportunities safely. Through the Heirs Insurance Travel Festival, we are championing a physically borderless world and provoking meaningful conversations that promote responsible, inclusive travel for all.”
Registration is officially open for the Heirs Insurance Travel Festival. Interested participants can secure their free passes on the company’s website.
Businesses seeking to showcase their offerings and secure exhibition booths can visit https://heirsinsurancegroup.com/travel_festival/.
Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.
Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
Sovereign Trust Insurance Plc Goes Unique Celebrating Customer Service Week

Sovereign Trust Insurance Plc takes its annual edition of Customer Service Week to the active space with the theme, Mission Possible. In the statement affirming this the company said, “In the last four days, we have had different tactical dress codes to celebrate the week-long activities.”

Day 1: Rep your Dream Job

Day 2: Rep Your Alma Mater

Day 3: Rep Your Mentor (Local or Global)

Day 4: Rep Your Jerseys and the Nerd in You

Day 5: Community & Culture

Featured Picture: Ugochi Odemelam, Executive Director, Marketing and Business Development Division and Segun Bankole, DGM, Corporate Communications and Investor Relations being flanked by members of Staff of the organisation.

NDIC, CIBN Strengthen Collaboration In Emerging Issues In The Financial Sector

Amaka Obiefuna

 

The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has called for enhanced collaboration between the Corporation and the Chartered Institute of Bankers of Nigeria (CIBN) in addressing emerging risks and challenges within Nigeria’s banking sector.

 

The MD/CE made the call during a courtesy visit by the President/Chairman of Council of the CIBN, Prof. Pius Deji Olanrewaju, and members of his executive team to the NDIC Head Office, Abuja.

 

The NDIC Chief Executive emphasized the need for stronger partnership between both institutions in critical areas such as digital banking, cyber- security, fraud and forgery prevention, and sound risk management.

 

Mr. Sunday noted that while the phenomena of the emerging issues are on the rise, regulators and operators must come together to proffer solutions which help build a stronger financial ecosystem that withstands the vagaries of the innovations to deliver value to the economy.

 

While commending the growth of the CIBN as a professional body over the years, and its positive impact on the banking system, the NDIC Boss further called on the Institute to take critical interest in working more closely with regulators to fashion innovative failure resolution strategies that strengthen the overall resilience of the banking sector.

 

The NDIC boss reiterated the Corporation’s commitment to supporting professional institutions such as the CIBN in developing and implementing programs that foster innovation while maintaining sound risk management frameworks and financial system stability.

 

President/Chairman of Council of the CIBN, Prof. Pius Deji Olanrewaju congratulated Mr. Sunday on his appointment as Managing Director/Chief Executive of the Corporation. He expressed confidence in the capacity of the MD/CE to uphold the trust reposed in the Corporation by the public based on his sound track record and expertise.

He particularly commended the NDIC for its notable milestone achievements, highlighting the upward review of deposit insurance coverage aimed at strengthening public confidence in the banking system; the deployment of technology to expedite the reimbursement of depositors of the failed Heritage Bank; and the commencement of liquidation dividend payments within one year of the bank’s closure. Prof. Olanrewaju noted that these accomplishments have significantly enhanced depositor and investor confidence in the financial system.

 

The CIBN President also expressed appreciation to the NDIC for its invaluable contributions and active role as a member of the Institute’s Governing Council, noting that its participation has greatly strengthened the Council’s oversight functions, policy direction, and ethical leadership.

 

Tinubu Appoints Thompson Sunday As NDIC Chief

 By Fidelia Okafor 

Dr. Thompson Oludare Sunday.In a move that underscores his administration’s resolve to strengthen Nigeria’s financial stability architecture, President Bola Ahmed Tinubu has appointed Dr. Thompson Oludare Sunday as the Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC). The Senate confirmed his appointment on 25th July 2025, marking the beginning of a new phase for the nation’s foremost deposit protection institution.

A distinguished financial strategist and regulatory expert, Dr. Sunday brings over three decades of robust experience in banking supervision, financial sector reforms, and policy development. His professional journey began in 1989 at the Central Bank of Nigeria (CBN), where he dedicated 24 uninterrupted years to banking supervision – a feat that underscores his consistency, discipline, and institutional loyalty.

Throughout his career, Dr. Sunday demonstrated uncommon leadership in the formulation of key financial policies that have shaped Nigeria’s banking landscape. He chaired the Bank-wide Committee for the Review and Drafting of the Banks and Other Financial Institutions Act (BOFIA) 2020 and contributed to the development of landmark frameworks, including the Code of Corporate Governance and the regulatory blueprint for Domestic Systemically Important Banks (D-SIBs).

He was also a pivotal member of the CBN/NDIC Technical Committee on Problem Banks, the 2004-2005 Banking Sector Consolidation Committee, and the 2009 Banking Sector Reform team. His influence extended beyond Nigeria’s borders, serving on the Expert Committee for the Harmonisation of Risk-Based Supervision Frameworks within the West African Monetary Zone.

Between February 2023 and January 2024, he represented the CBN as Independent External Examiner at Heritage Bank, participating at both board and executive levels – an assignment that further cemented his reputation for regulatory depth and strategic insight.

Dr. Sunday’s exemplary service earned him several recognitions, including the CBN Board’s Commendation in 2009 for Outstanding Performance and Integrity during the critical Banking Sector Reforms. Earlier in his career, he was named Best Staff of the Banking Supervision Department in 2001.

His academic laurels mirror his professional excellence. A First-Class graduate of Business Administration (Finance) from Ahmadu Bello University, Zaria (1985), he also earned an MBA from the same institution in 1988 and a Doctorate in Management from St. Clements University in 2009. His brilliance was recognised early with the Federal Government Merit Award for Academic Excellence and the prize for Best Graduating Student in his department.

A member of the Nigerian Institute of Management (NIM) and a Doctoral Fellow of the Institute of Professional Financial Managers, Dr. Sunday is widely regarded as an advocate of sound corporate governance, financial prudence, and institutional capacity building.

With his appointment, industry observers anticipate a renewed emphasis on depositor protection, financial inclusion, and risk-based supervision within the NDIC. Analysts note that his extensive background in regulatory policy positions him to steer the corporation toward global best practices while strengthening public trust in Nigeria’s banking system.

Parthian Pensions Harps On Financial Literacy, Targets Micro Pension Market

 

Parthian Pensions Harps On Financial Literacy, Targets Micro Pension Market

 

By Amaka Obiefuna

 

 

Parthian Pensions Limited has advocated increase in financial literacy to enhance and deepen adoption of pension scheme in the country.

This is even as the newly approved Pension Fund Administrator (PFA) is focusing on the micro pension market to gain fresh Retirement Savings Account (RSA) holders into its customer base.

Speaking at the 10th National Conference/Anniversary of Nigerian Association of Insurance and Pension Editors (NAIPE) held in Lagos, the Head of Operations, Parthian Pensions Limited, Mr. Adetunbi Ashaye called on stakeholders in Nigeria’s pension sector to educate Nigerians on the importance of subscribing to the Contributory Pension Scheme (CPS).

While highlighting some of the developments in the industry that demonstrate its potential for growth, he said, people that are clamouring to exit the scheme, have forgotten so soon that it was because of the past bad experiences that the new scheme came on board.

“This is because the previous pension system was unfunded. Now that it is funded through the contributions of the employees and the employers, it is highly regulated.

“What really needs to happen is the need to drive financial literacy because people in Nigeria see pension as insignificant, something that is not important,” he advised.

“The impact of the scheme to the economy is ensuring that people have good retirement; people have good life after they have stopped working. In other words, what we need to do in the industry as operators is to ensure financial literacy. We need to let people know what is going on and why they should continually support the contributory pension scheme,” he added.

Saying most Nigerians see insurance and pensions as unnecessary, he noted that, “their concern is that, if they cannot provide for their immediate needs, which is food, shelter and clothing, why should they save? And it still boils down to a Micro Pension Plan.

“What should be happening in the industry now is to simplify, digitise micro pension plans, and ensure diversification in different ways so that we can reach out to everybody.”

With pension assets projected to reach N29 trillion at the end of the year, he said, “the pension industry performance in the first quarter, 2025 shows N79 billion was paid for Programme Withdrawal and N54 billion for Annuity.

“There is also the certification of asset classifications, and what we need is transparency, which is what PenCom is doing, people are looking and seeing how the funds are growing.”

Meanwhile, he said, his PFA will leverage on the opportunities provided by micro pension plan to enrich its customer base and bring more people who are not currently covered under the regular scheme into the pension safety net.

“Though, we are one of the late entrants into the industry, that doesn’t mean that we don’t have what it takes to excel.

“So, we are technology driven as we leverage technology for effective service delivery to our contributors. This is effective and it’s going to drive people and companies towards us.

“In another instance, we are going to flood micro pension space which still remains untapped. About 70 to 80 million people are in that space.

“So, we are not just coming into the business, to cannibalise RSA holders, we are coming to bring on board new RSAs and chart a new course,” he assured.

Saying its prospective contributors should expect simplicity, and less complexity in onboarding, he added that, “they can onboard from the comfort of their homes. We care about you (our customers) and we will always check on you. There is human face to every service we render. We will drive towards financial literacy. We are the pensions managers of choice, trust and we will get that actualised.”

Leadway Celebrates 55 Years Of Innovation, Expanding Financial Access And Inclusion Across West Africa

Leadway Celebrates 55 Years of Innovation in West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and wellbeing providers, is celebrating 55 years of innovation, resilience, and inclusive impact across West Africa. From its inception in 1970 as an insurance company, Leadway has evolved into a diversified group championing financial access, inclusion, and wellbeing for individuals and businesses across the region.

 

Today, Leadway’s integrated offerings span life and general insurance, health coverage, pensions, asset and wealth management, estate planning, hospitality and credit solutions, empowering millions to build resilient financial futures. “Leadway’s journey is, in many ways, the story of Nigeria itself—one of resilience, diversity, and progress,” said Tunde Hassan-Odukale, Group Managing Director of Leadway Holdings. “We began with the mission of providing succour and financial freedom to individuals and businesses through risk management.

 

Over the years, that mission has expanded into building a holistic ecosystem that now encompasses insurance, pensions, health, investments, trusteeship and hospitality. This milestone is both a testament to the trust we have earned and the excellence we continue to uphold.” Leadway has built its reputation as Nigeria’s most consistent claims-paying insurer, disbursing nearly ₦500 billion in claims between 2016 and 2024, including ₦117 billion in 2024 alone.

 

Through its HMO subsidiary, the group continues to deliver award-winning healthcare services to millions of Nigerians through a network of more than 2,500 hospital providers nationwide while continuously increasing robust financial portfolios and securing the future of many Nigerians through its Pensions and Asset Management subsidiaries.

 

Beyond Nigeria, Leadway has expanded its regional footprint into Côte d’Ivoire, strengthening its leadership in Francophone West Africa through Leadway Assurance, Ankara Services and Leadway IARD. The Group’s legacy also extends to impactful social initiatives.

 

Leadway Media Dash provides young entrepreneurs and SMEs with visibility by showcasing their businesses on Leadway-owned platforms. Its long-standing support for the Lagos International Trade Fair underlines its commitment to commerce and enterprise in the sub-region. Leadway also invests in Nigeria’s creative economy, sponsoring the Lagos Leather Fair, supporting the Nigerian Pavilion at the London Design Biennale, and championing emerging talent through the +234 Art Fair and Creative Bloc Carnival. Recognising the power of youth, Leadway engages with the next generation through LeadForward, a financial literacy and wellness programme for NYSC members, and Campus Connect, a university initiative promoting learning, entrepreneurship, and wellbeing. It also champions women’s empowerment through Hersurred, a platform launched in 2024 that offers mentorship, skills workshops, and networking opportunities, including an annual International Women’s Day event.

 

As Leadway marks its 55th anniversary, it reflects on a journey marked by impact, resilience, and trust while restating its goal to create creative and inclusive financial, health, and wellness ecosystems for its clients. “We are committed to creating the next chapter of Africa’s financial services wellbeing powerhouse, offering digital-first solutions that are unparalleled, people-focused, and competitive on a global scale, with our past guiding us and shaping the future ahead,” Tunde Hassan-Odukale reaffirme

Pensions: Building Long Term Security In Retirement Not Quick Fix

Few issues stir as much passion as pensions. After all, retirement is not some distant concept, it is the very moment when decades of work are meant to translate into dignity, stability, and peace of mind.

For Nigerian workers, the Contributory Pension Scheme (CPS) is the system designed to ensure that this promise is kept. Yet, as public debates grow louder, it is important to separate emotion from fact, and quick fixes from sustainable solutions.

At the heart of the pension conversation lies a simple question: should retirees be allowed to withdraw their savings in full, or should access remain structured? The former offers instant gratification; the latter seeks to protect long-term security. The choice is not trivial—it is one that determines whether our elders live their final years in comfort or in poverty.

The Hidden Risks of “Take-It-All”

Imagine a retiree with ₦20 million saved up over a career. It may seem logical to withdraw the entire sum and invest it independently. Some might argue that by chasing attractive interest rates or putting the money into a family business, higher returns can be secured. But this perspective often ignores three hard realities.

1.     The first is longevity risk—the possibility of outliving one’s savings. A lump sum might look substantial at 60, but what happens if life stretches to 85 or 90? (which many are praying for). The CPS is deliberately structured to provide income for life, ensuring that retirees do not face destitution in their later years.

2.     The second is market volatility. Treasury bill yields and bond rates do not remain at 15 elevated levels (double digits) indefinitely. They fluctuate sometimes falling to single digits. A retiree who counts on fixed high returns may quickly discover that returns are unpredictable and insufficient, especially during downturns.

3.     The third is investment risk. Stories abound of pensioners who withdraw funds to finance ventures that collapse under inflationary pressures or poor management. The intention may be noble, but the outcome is often tragic: savings vanish, while bills remain.

Two Faces of Retirement

Consider the story of two hypothetical retirees, both of whom left service with ₦20 million. Madam Okeke decided to withdraw everything and invest in a family business. For a while, it seemed promising. But within three years, inflation, currency depreciation, and unforeseen costs left her with nothing. By her early seventies, she had become dependent on relatives for basic needs.

Her colleague, Mr. Ade, opted to remain under the CPS. His monthly pension was modest but consistent. Each month, without fail, his payment arrived. At 80, he still enjoys independence, secure in the knowledge that his pension will not dry up.

Both individuals worked hard; both sought security. But their choices determined whether retirement meant stability or vulnerability.

Why Structure Matters

Some critics argue that restricting lump-sum withdrawals treats retirees like children. In reality, the principle is protective, not paternalistic. Across the world, pension systems are structured to spread income across retirement years because experience shows that without safeguards, many retirees exhaust savings too quickly. Family obligations, health crises, or speculative investments often erode lump sums, leaving individuals vulnerable at the exact stage of life when they are least able to recover financially.

The CPS prevents this outcome by ensuring that pensions last as long as life itself. For retirees who live beyond expectations, payments continue through programmed withdrawals or annuities arranged with insurance companies. The notion that payments “end” at 75 is a misconception; in truth, actuarial science only uses life expectancy as a guide for planning, not a cut-off point.

Building Trust in the System

Trust is the lifeblood of any pension system. Workers must believe that their savings are safe and that administrators are acting in their best interests. Under Nigerian CPS, pension assets are not even held by the Pension Fund Administrators (PFAs). Instead, they are kept with independent Pension Fund Custodians under the strict oversight of the National Pension Commission (PenCom). This three-tiered structure: Saver, Administrator, Custodian provides layers of security that safeguard against mismanagement.

Since the scheme’s inception in 2004, pension assets have grown to over ₦24 trillion. These funds are invested in government securities, infrastructure, corporate bonds, and housing, supporting not just individual retirees but also the broader Nigerian economy. PFAs earn regulated fees (among the lowest in Africa) while all investment returns accrue to contributors. Far from exploiting workers, the system has built a sustainable pool of capital that benefits both retirees and national development.

The Temptation of Oversimplification

It is easy to believe that giving retirees unrestricted access to their funds is the “fair” solution. But pensions are not simple savings accounts. They are insurance against the twin uncertainties of longevity and economic shocks. Psychologists call it the Dunning-Kruger effect: when complex issues are oversimplified by those who do not fully understand them. In the pension context, what looks like empowerment today may translate into widespread elderly poverty tomorrow.

The Real Struggle

Ultimately, the true enemy is not the pension structure it is poverty. A nation that fails to protect its elders condemns itself to cycles of dependency and despair. Justice in pensions is not about short-term payouts but about ensuring that workers who devoted decades to the economy are not left helpless in their later years.

The CPS was designed precisely for this: to move Nigeria away from the inefficiencies and corruption of the old Defined Benefit Scheme, and toward a sustainable system that outlasts political and economic turbulence.

A Call for Balance

Nigeria must pursue a balanced path one that recognizes retirees’ genuine frustrations while preserving the safeguards that protect them. Quick fixes may win applause in the moment, but true dignity in retirement comes from careful, compassionate, and sustainable reform.

Our elders deserve nothing less.

Nigerian Insurers Shine With N83 Billion Claim Settlement For Britannia-U Nigeria


The Nigerian insurance industry has paid a staggering N83 billion claim to Britannia-U Nigeria Limited following a massive fire incident on one of the company’s exploration platforms.
The payment was made by a consortium of underwriters after the claim was adjusted from an initial estimate of $72 million to $55 million.
The Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, speaking at a seminar organised by National Association of Insurance and Pension Editors (NAIPE) in Abeokuta,  Ogun State, commended the industry players for prioritising prompt settlement of genuine claims. He expressed pride in the industry’s ability to pay the claim, noting that it demonstrates the industry’s strength and credibility.
The fire incident occurred on the 4,000 barrels of crude oil per day capacity Britannia-U1 FPSO operated by Britannia-U Nigeria Limited, offshore Forcados in Delta State. Despite initial doubts about the industry’s capacity to pay the claim, NAICOM intervened, and the claim was settled in full.
The NAICOM boss emphasised the need for industry players to publicise claims paid to change the negative perception of the sector. He noted that billions are being paid in claims annually, but these payments are not being publicised, contributing to the negative perception.
The settlement of the Britannia-U claim is part of nearly N180 billion in large claims settled by the industry for corporate clients this year, aside from numerous smaller claims. The NAICOM boss commended the industry’s responsiveness and reliability in settling valid claims, highlighting the importance of trust and confidence in the sector.
The premium for the risk was $170,000, while the claim paid was $55 million (N83 billion), highlighting the significant impact of the settlement on the industry’s reputation.
NAICOM has been working to ensure that the industry provides more oversight functions and makes informed decisions, leveraging data and encouraging collaborations across institutions.