Nigeria Re pays 132.42m claims in Q2, 2015

In furtherance of its commitment to timely settlement of claims, the Nigeria Re-Insurance Corporation (Nigeria Re) has paid well over N132.42 million claims in the second quarter of this year.

Available reports on the payments showed that fire insurance recorded the highest claims at N70.75 million while Motor claims stood at N22.73 million at the end of the quarter. Others are Marine & Aviation, N20.38 million; General

Accident, N9.53 million; Life, N4.5 million; CAR/ EAR, N2.7 million; and Oil & Gas, N1.83 million. The company has consistently posted impressive records in the all areas of its business engagements in the risk underwriting business in the past few years, with robust indices of operational efficiency as the quarterly reports show.

The Corporation’s Managing Director, Lady Isioma Chukwuma, had told the National Mirror in an exclusive chat of innovative strategies being undertaken by the Board and management of the foremost re-insurance entity to make it amongst the best reinsurance group globally.

She said: “Nigeria Re, unfortunately is still at a level where I’m not really satisfied with. I know we could do better. So, it is my intention that in the next two three years, other things being equal, Nigerian Re should at least have been able to gain some let me say about 50 per cent of the market.

“I don’t want to be too optimistic even though there is nothing wrong in being too ambitious. But if we can gain at least up to at least 40 per cent or 50 per cent of the re-insurance market, that is our target and this will be good for us as a leading player in the market”, the industry expert added.

On how she intends to achive the lofty dreams, Chukwuma who is also the President of the Chartered Insurance Institute of Nigeria, CIIN, hinted that the management had a lot of strategies in place and one of which “ is to improve our on service delivery, which we have done and improving on our paying claims ability”. She confirmed that as at the time of the interview, the Corporation had a zero per cent outstanding claims.

Source: National Mirror