• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Monday, May 23, 2022
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

EndSARS Claims Payment Reflect Underwriting And Loss Adjusting Considerations

Nwanne Ikemefune by Nwanne Ikemefune
February 21, 2022
in Insurance
0 0
0
#EndSARS Belches N11bn+ Claims, 2020 Figure Follows With N224bn

NIA chairman, Mr Ganiyu Musa and DG, NIA Mrs. Yetunde Ilori, in Lagos.

0
SHARES
9
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The payment of EndSARS claims to insured companies, organisations and individuals which as at early February was over N11bn, was screen play of the ingenuity of loss adjusters and the insurance companies.

The chairman, Nigerian Insurers Association NIA, Mr Ganiyu Musa, said current figures are expected to rise because loss adjusters are still turning the wheels of the adjusting assigned to them by their principals (Insurers), and there would be a roll out of several underwriting considerations and the interpretations following after.

Musa recalled that as at date of the media briefing (February 2) about N20bn claim reports have been sent to underwriters and when the adjusting details are done the claims obligation of the insurers are expected to rise.

He did not rule out claims paid on the platform of ex-gratia but was quick to clear that ex-gratia payment ‘happens every time’ and its not limited to EndSARS. Pointing out that payment of claim is determined by several factors.

He also said there was no case of any underwriter pressured to pay underserved claim, reiterating that no such report had been received. He said claims cheques were signed on the conviction that there was a genuine business reason to pay even in cases it falls on the ‘borderline claim.’

On the fire rates that would go up mid-year, he said it a usual underwriting practice and will not hinge it on EndSARS as the propeller. According to him, rates go up on down due to various conditions in operation.

He said the expected hike in fire rate is because of sustained losses over a period of time and current low risk pricing in the face of sustained losses is not taken in isolation but all the other components in the underwriting were considered.

This he noted led to all stakeholders meeting to assembly various fire underwriting experiences and all agreed that action was needed.    

Previous Post

STI Profile Reverberates With ‘Love and its other sides’

Next Post

African Alliance Open Claims Valve Registers N7.59bn Paid In 2021, Adopts Mixed Recapitalisation Plans

Nwanne Ikemefune

Nwanne Ikemefune

Next Post
African Alliance Open Claims Valve Registers N7.59bn Paid In 2021, Adopts Mixed Recapitalisation Plans

African Alliance Open Claims Valve Registers N7.59bn Paid In 2021, Adopts Mixed Recapitalisation Plans

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

April 3, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

349
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

48
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

42
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

41
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
Africa Insurance Solutions Sought To Douse Uninsured Risks And Lift Penetration Level

NEM Insurance Positive Ticks Surround 2021 Performance

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

NAICOM Harvests Real Time Statistical Data, Raises Market Transparency

May 23, 2022

Recent News

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
Africa Insurance Solutions Sought To Douse Uninsured Risks And Lift Penetration Level

NEM Insurance Positive Ticks Surround 2021 Performance

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

NAICOM Harvests Real Time Statistical Data, Raises Market Transparency

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

May 20, 2022
Access Holdings Plc Sets To Clinch Majority Stake In First Guarantee Pension

Access Holdings Plc Sets To Clinch Majority Stake In First Guarantee Pension

May 19, 2022
NAICOM Tells Operators To Match Its Speed, Take Over Secured Markets

College of Insurance Supervisors Charged To Harness Global Standards Fitting For West Africa

May 18, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

May 18, 2022

Sovereign Trust Performance Soars In Q1 2022, Rises By 37% Over 2021

May 16, 2022
NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

Katsina Govt Jabs Mild Insurance Enforcement, Embraces Call For Insurance Partnership

May 16, 2022
NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

May 13, 2022
Allianz Frees Capital With $35bn Annuity Reinsurance From Street & Resolution

Allianz Engages Gear To Exit Russia Fully, Says CFO

May 13, 2022
KPMG Hit With £14m Fine

KPMG Hit With £14m Fine

May 13, 2022
Preferred PenCom Logo

PFAs Begins The Process Of Handshake With NIMC By Data Recapture Of All RSA Holders

May 12, 2022
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2020 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In