NSIA Insurance Policyholders Receive N27bn Claims In 5 Years

Policyholders of NSIA Insurance Limited who suffered insured risks were able to receive N27 billion insurance claims in the last 5 years.

This, the insurer said, was part of its commitment to its customers and stakeholders to be responsive and responsible in its business.

Briefing journalists briefly after the company’s 2023 Annual General Meeting(AGM) at its headquarters in Victoria Island(VI), Lagos on Friday, its chairman, Dr. Adesegun Akin-Olugbade, disclosed that, the insurer made N7.8 billion claims in 2023 alone and made N19.2billion in the preceding 4 years, making a cumulative N27 billion in 5 years.

Promising that NSIA Insurance remains unflinching in its commitment to fulfil obligations to its customers as it is prominently known, he added that the insurer’s Gross Written Premium recorded growth of 24 per cent from N18 billion in 2022 to N22.3 billion in 2023.

“The Insurance Service Result also grew by 18% to N19.8 billion from N16.8 billion in 2022. This growth permeated across the business lines with the Non-life and Life business achieving double-digit growth of 19 per cent and 17 per cent respectively, from N9.5 billion and N7.3 billion in 2022 to N11.3 billion and N8.6 billion in 2023,” he pointed out.

Stating that the company was able to successfully navigate the stormy macroeconomic in 2023 by deploying cost optimisation initiatives and leveraging its technical and management expertise to deliver Profit Before Tax(PBT)of N3.2 billion and Profit After Tax(PAT)of N3.1 billion, indicating a growth rate of 344% and 400% respectively, he added that, “Our positive performance was also reflected in other key metrics such as Return on Equity (ROE) which improved from 5% in 2022 to 19% in 2023 and Return on Asset (ROA) which improved from 3% to 9%.”

On his part, its managing director/CEO, Mr. Moruf Apampa noted that the vast opportunities in the retail insurance segment remain untapped as the company is steadily increasing its footprint in the retail sector. We are poised to ramp up operations to meet the needs of the retail segment and provide excellent service delivery to ensure that there is an NSIA Insurance product in every home, he said.

Looking into the future, he stressed that the insurance company will intensify its excellent customer service delivery initiatives to continuously improve customers’ experience, saying its main goal is to keep assisting individuals, organisations, associations, communities, and governments in recovering from unforeseen events.

It is incumbent on us to guarantee that, with NSIA Insurance, customers can save for a comfortable future and protect the people and assets that are most valuable to them, he stated.