NSIA Insurance Policyholders Receive N27bn Claims in 5Yrs

Samuel Mobolaji

Policyholders of NSIA Insurance Limited who suffered insured risks were able to receive N27billion insurance claims in the last 5years.

This, the insurer said, was part of its commitment to its customers and stakeholders to be responsive and responsible in its business.

Briefing journalists briefly after the company’s 2023 Annual General Meeting (AGM) at its headquarters in Victoria Island (VI), recently, its chairman, Dr Adesegun Akin-Olugbade, disclosed that, the insurer made N7.8billion claims in 2023 alone and made N19.2billion in the preceding 4 years, making a cumulative N27billion in 5years.

Promising that NSIA Insurance remains unflinching in its commitment to fulfill obligations to its customers as it is prominently known, he added that, the insurer’s Gross Written Premium recorded growth of 24 per cent from N18billion in 2022 to N22.3billion in 2023.

“The Insurance Service Result also grew by 18 per cent to N19.8billion from N16.8billion 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 N9.5billion and N7.3billion in 2022 to N11.3billion and N8.6billion in 2023,” he pointed out.

Stating that the company was able to successfully navigate the stormy macroeconomic in 2023 by deploying cost optimisation initiatives and leveraging its technical and management expertise to deliver Profit Before Tax(PBT)of N3.2billion and Profit After Tax (PAT)of N3.1billion, indicating a growth rate of 344 per cent and 400 per cent respectively, he added that, “Our positive performance was also reflected in other key metrics such as Return on Equity (ROE) which improved from five per cent in 2022 to 19 per cent in 2023 and Return on Asset (ROA) which improved from three per cent to 9 per cent.”

On his part, its managing director/CEO, Mr Moruf Apampa noted that, the vast opportunities in the retail insurance segment remain untapped as the company is steadily increasing its footprint in the retail sector. We are poised to ramp up operations to meet the needs of the retail segment and provide excellent service delivery to ensure that there is an NSIA Insurance product in every home, he said.

Looking into the future, he stressed that the insurance company will intensify its excellent customer service delivery initiatives to continuously improve customers’ experience, saying, its main goal is to keep assisting individuals, organisations, associations, communities, and governments in recovering from unforeseen events.

It is incumbent on us to guarantee that, with NSIA Insurance, customers can save for a comfortable future and protect the people and assets that are most valuable to them, he stated.