Ganiyu Musa, the group managing director of Cornerstone Insurance Plc, says the company provided micro insurance cover for 1.8 million Nigerians in the last 18 months.
Musa told the News Agency of Nigeria (NAN) in Lagos on Wednesday on the sideline of the company’s media briefing on boosting public confidence in insurance.
He said that the micro insurance cover was rolled out in partnership with a mobile network operator, Airtel, and Cornerstone had paid 329 claims on the micro insurance policies.
“The company paid 329 claims on hospitalisation and three claims on death with a maximum of N500,000 paid out,’’ Musa said.
According to him, the company is set to assist the country’s agricultural sector by rolling out more agricultural policies for Nigerian farmers.
He said that the company would remain committed to alleviating risks faced by its policy holders, despite economic challenges.
The Cornerstone GMD said that the company was determined to step up insurance awareness, especially in the rural areas.
“According to research carried out by a financial research institute, EFInA, on Insurance industry in 2016, death and illness had impact on family finances and most times led to selling of assets, borrowing from family and friends among others.
“It pains me that many Nigerians still boycott insurance as remedy or `cope’ mechanism,’’ he said.
Musa said the company would leverage on Risk Based Supervision (RBS) of the National Insurance Commission (NAICOM) and the commission’s partnerships with the Central Bank of Nigeria (CBN) and Nigerian Communication Commission (NCC) to attract more Nigerians to insurance.
He said that despite the fact that 2016 was a challenging year for insurance industry, the company had been able to grow its branches to 34 in 23 states, including outlets in the six geo-political zones.
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