Amid rising inflation, escalating living costs, and heightened risk factors, 14 publicly-listed insurance companies paid N101.3 billion claims in the first half of 2024 (H1 2024). This represents 42 percent growth year-on-year from the N71.6 billion paid in the corresponding period in 2023 (H1 2023). The data tracked in this story does not include Leadway Assurance, which holds a reputation for being Nigeria’s largest insurer in terms of claims payment.
During the half-year, the 14 companies under review received N373.8 billion as premiums, a significant 59 percent year-on-year increase from the N234.7 billion received in H1 2023.
Data reviewed by BusinessDay showed that among the insurance companies listed on the NGX, AIICO Insurance spent the most on claims payments, with N42.5 billion in H1 2024. This marks a 70 percent year-on-year increase from the N25 billion paid in H1 2023. However, during the period under review, AIICO received N87 billion as payments for premiums, up by 55 percent from N56.2 billion received in H1 2023.
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AXA Mansard paid N25.5 billion claims, 29 percent higher than the N19.8 billion spent in H1 2023. The growth in AXA Mansard’s claims payment was lower than the 79 percent growth in the cash premium received, as the insurer got N80.8 billion in H1 2024, in contrast with N45.2 billion received in H1 2023. NEM Insurance was the next highest claims payer during the half-year with N9.1 billion, representing a 34 percent growth from the N6.8 billion spent in H1 2023.
NEM Insurance received N66.1 billion in premium payments during the half-year, up by 58 percent year-on-year from the N41.9 billion received last year.
Custodian and Allied Insurance, the subsidiary of Custodian Investment, paid N7.7 billion in claims during the half-year, marking a 19 percent year-on-year increase from the N6.5 billion spent in H1 2023. The company received N29.8 billion in premium payments during the half-year. Coronation Insurance’s claims payment grew by 81 percent year-on-year during the half-year to N4.3 billion, from N2.4 billion as of H1 2023.
The company’s claims payments grew in line with its premium intake, with N27.2 billion recorded in H1 2024—a substantial 81 percent increase from N15 billion received in H1 2023.
Prestige Assurance recorded a 13 percent decline in its claims payment, dropping to N3.8 billion during the half-year, from N4.4 billion in H1 2023. However, the company received N11.3 billion as premium payments during the period under review, marking a 46 percent growth from the N7.8 billion received in H1 2023.
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Sovereign Trust Assurance’s claims payment appreciated by 45 percent year-on-year to N2 billion, from N1.4 billion as of H1 2023. The insurer received N23.6 billion as premiums during the half-year, almost double the N12.5 billion obtained in H1 2023. However, Linkage Assurance paid 22 percent fewer claims than in H1 2023, as the company paid N1.6 billion, in contrast with N2 billion spent last year. The company received N11.7 billion as premiums during the half-year, representing a 44 percent year-on-year increase from the N8.1 billion received in H1 2023.
Veritas Kapital Assurance, one of the leading gainers in the Nigerian Exchange in 2024, recorded a whopping 172 percent growth in claims payment in H1 2024. The insurer paid N1.4 billion as claims, in contrast with N527.4 million paid in H1 2023. The company also recorded a 233 percent growth in premiums receipt during the half-year, to N11.9 billion, from N3.6 billion as of H1 2023.
In the NGX, Veritas Kapital Assurance has posted a year-to-date gain of 338 percent, as the company’s share price has appreciated by over 500 percent in just over a year.
Regency Alliance Insurance recorded a 90 percent year-on-year growth in its claims payment, to N1.2 billion, from N605 million as of H1 2023. Universal Insurance, SUNU Assurances, Guinea Insurance, and International Energy Insurance paid N932 million, N828 million, N236 million, and N184 million as claims during the half-year.
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