AIICO, AxaMansard, NEM Insurance, Custodian Insurance and Coronation insurance have paid out N94 billion in claims in the first nine months of 2022.
This is a 40.7% increase compared to the N66.8 billion recorded in the first nine months of 2021.
Claims paid by the insurance firms cut across, health, life, and non-life related businesses.
NEM Insurance paid N3.69 billion in total claims out of a total claim of N4.8 billion, of which most claims arose from its motor insurance division.
Axa Mansard HMO business contributed about N22 billion to its total claims of around N26 billion.
Speaking on the report, Axa Mansard Health CEO, Tope Adeniyi, said, “Though the company’s half-year report shows that claims have risen owing to medical inflation and utilisation, the business has continued to rise to the challenges.
"We expect to begin to see an adjustment from October till year end as we account for the economic situation on our premiums”,
AIICO’s insurance claims largely came from its dominant life business, incurring up about N31 billion out of total claims of N32.9 billion.
During the period under review, the insurance companies reported a net premium income of N148.7 billion meaning claims as a percentage of net premium was 60.5%.
This compares to 62.9% in the same period in 2021.
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