Insurers Settle N82.5bn Individual Claims, Compensate Big-ticket Policyholders With N180bn In 2025

A consortium of insurance companies who underwrote the business of Brittania-U, has successfully dispatched the individual claims arising from that business to the tune of N82.5billion (55m dollars), it was learnt.

This is even as insurance companies in the country have so far settled about N180billion (120m dollars) 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 N1,500 to a US 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 dollar) 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, was 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, on Friday, the Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, said these payments were a feat and a testament that insurance companies actually pay genuine claims contrary to the insinuations by some Nigerians.

He also disclosed that the commission has maintained a hardline stance on any operator who refused to pay genuine claims in the country.