insurers

Increasing Fires Raise Insurers’ Claims Payment To ₦27bn

Rising cases of fire outbreaks in major markets across the country has left the country with huge human and material casualties running into several billions in the last three months of 2019, with experts stressing it could further balloon the Nigerian insurers claims payment by the end of the year.

Insurance and loss adjusting experts have however estimated that over N120 billion worth of goods and properties may have been lost to these recent fire incidences in the country with traders and business owners bearing the brunt of such circumstances groaning under the heavy weight of loss and unpaid …

Airline Operators, Insurers At Loggerheads Over Non-Payment

Controversy between consumers of insurance products and insurers over poor customer services has been a sore point of heated discussion in the indsustry over the years.

The situation appeared to have assumed a new twist recently following threats by Aircraft owners under the aegis of Airline Operators of Nigeria (AON), to boycott local insurance companies to insure their aviation risks with foreign underwriters due to non-payment or delayed payment of claims by local insurers.

Daily Sun investigation revealed  that if the above threat is carried out,  the Nigerian insurance industry may be losing risks worth over N10 billion to foreign