During the third quarter of 2022, the gross claims reported by the market of N242.6bn was slightly lower compared to the corresponding period of 2021, signifying a decline of -2.3 per cent in the total claims reported by policyholders.
However, it added, the ratio of total claims to gross premium stood at about 46 per cent during the current period. The net claims paid on the other hand stood at about N207.2bn, signifying 85.4 per cent of all gross claims reported during the period. The life insurance business recorded a near-perfect point of 95.0 per cent claims settlement against all the reported claims while the non-life segment stood at 72.4 per cent during the same period, the report said.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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