A consortium of insurance companies who underwrote the business of Brittania-U, have successfully dispatched the individual claims arising from that business to the tune of N82.5billion($55million), it was learnt.
This is even as insurance companies in the country have so far settled about N180billion($120million) big ticket claims to some business policyholders who suffered insured risks on their assets in the current year.
Brittania-U is a Nigerian indigenous petroleum company focused on integrated energy services, including exploration, production, drilling, and trading.
The company operates in the Ajapa marginal field and owns the FPSO Britannia UI, which experienced a significant fire incident in July 2024 of which its claim was filled.
Using 1,500 to a dollar, the company had earlier filled a N108 billion (72m dollars) claims to the insurance industry which was later adjusted to N82.5biillion and was dispatched accordingly.
The company had earlier paid N255 million ($170,000) as premium to underwrite the business, a figure that was very small compared to the claims paid. However, the N180 billion big-ticket payments, it was learnt, is aside other pockets of smaller claims paid by insurance operators in the country.
Confirming this development at the ongoing NAICOM Annual seminar for Insurance Journalists in Abeokuta, Ogun State, the commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Olusegun Omosehin said, this payment is a feat and a testament that insurance companies actually pay genuine claims contrary to the insinuation of some Nigerians.
He also disclosed that the commission has maintained a hard stance on any operator who refused to pay genuine claims in the country.
Recall that the total claims paid by the insurance industry in first quarter of 2025, the latest data available stood at N266billion. Although the total claims reported signifies just about 34.6 per cent of all the premiums generated during the same period, it was a win-win situation for insurers and policyholders as it underpins the underwriting quality and market sustainability.
The aggregate Net claims paid for both life and non-life insurances also stood at
N167.3billion, signifying 62.8% of all the claims reported during the period with the Life segment of the market reporting about 67.1 per cent while the non-life segment recorded 60.1 per cent.
The proportion of net claims settlement against reported claims in the market was moderate largely owing to issues of incomplete or delayed documentation of claims reports.
