Nigerian insurance companies have paid out ciams amounting to N180 billion in the first nine months of 2025.
The claims, which included N82.5 billion to Brittania-U, a Nigerian indigenous petroleum company marks a major feat for the nation’s insurance industry.
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 N82.5 biillion and was dispatched accordingly.
The company had earlier paid N255 million, equal to $170,000 dollar as premium to underwrite the business, a figure that underscores the relevance of risks pooling in protecting business and entities.
Read also: Insurers to submit capital requirement status on FY 2024, Q2 2025 results
However, the N180 billion inlude big-ticket payments to policyholders who encountered losses during the peridod, aside other pockets of smaller claims paid by insurance operators in the country.
Segun Omosehin, commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), confirmed the development at the 2025 Annual Seminar for Insurance Journalists holding in Abeokuta, Ogun State,
He said these payments were a feat and a testament that insurance companies actually pay genuine claims, as againts public misunderstanding about capacity of insurance in Nigerians.
Omosehin also disclosed that the Commission has maintained a hardline stance on any operator who refused to pay genuine claims in the country.
“Claims payment is a priority for us in the Commission and we are pursuing it with all the commitments it requires, he said.
Brittania-U 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.
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