NSIA Insurance Pays Policyholders N44bn Claims In 10 Years

NSIA Insurance Company Limited has paid about N44 billion as claims to its policyholders who suffered insured risks in the last 10 years.

This is even as the insurer celebrated its 30th anniversary in Lagos at the weekend, bringing together key stakeholders, including board members, industry leaders, brokers, corporate clients, the media, among others.

Speaking at the company’s 30th anniversary, its managing director, Moruf Apampa, disclosed that the claims paid in the last 10 years reflected the importance NSIA Insurance attached to payment of genuine claims, saying, the company pays claims within 48 hours after full documentation from the claimants.

He stated further that, while the Premium Income of the company was N22.3 billion in 2023, its 2024 figure rose to about N30.2 billion even as its Profit Before Tax (PBT) rose from N3.2 billion in 2023 to about N3.7 billion in 2024. The firm’s Assets, he said, rose from N13 billion 10 years ago to, currently, N59billion.

“NSIA Insurance has transformed over the years into a forward-thinking, customer-driven organization. We have paid over N44 billion in claims in the past decade alone, reinforcing our commitment to being a reliable partner to our clients. As we move forward, we will continue to innovate, expand, and create value for all our stakeholders,” he pointed out.

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Similarly, the chairman of NSIA Insurance, Dr. Adesegun Akin-Olugbade. acknowledged the company’s growth and impact, stating that, “this milestone is a testament to the dedication of our employees, the trust of our clients, and the support of our partners. NSIA Insurance has stood the test of time, and we remain committed to delivering on our promise of protection and peace of mind.”

As part of its forward-looking strategy, NSIA Insurance promised to remains focused on enhancing digital capabilities, strengthening customer engagement, and developing products that cater to evolving market demands. With the insurance landscape rapidly changing, it said, it is poised to lead the charge in redefining insurance solutions for the modern era. This 30th-anniversary celebration is not just a reflection of the past but a bold step into the future, it pledged.

Over the past three decades, NSIA Insurance has built a reputation for financial strength, service excellence, and an unwavering commitment to policyholders. With a strong presence in Nigeria and West Africa, the company has continually evolved to meet the changing needs of customers while driving innovation in the insurance sector.

NSIA Insurance Limited (Nigeria) is part of NSIA Participations, which is currently present in 12 African countries; namely, Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal, and Togo.