Modern insurance claims process is increasingly complex. More variables and data are constantly coming into play, but carriers must determine appropriate settlements and flag potential fraud faster than ever.
Despite worries about another round of recession in the economy due to the negative impact of the pandemic that is mitigating the global economy, a few insurers underwriting risks across the country were able to settle N97.2 billion cumulative insurance claims to victims, who suffered a loss. These insurers have recently done Virtual 2019 Annual General Meetings and their 2019 financial statements, explained that beneficiaries of these claims were those who had subscribed to insurance policies prior to the occurrence of the risks.
This was followed by AIICO Insurance, which paid claims worth N30.6 billion in 2019, a six per cent increase above the N29 billion paid in 2018, while FBNInsurance came third with N9.9 billion, a 130 per cent improvement over the N4.31 billion paid in 2018. FBN General Insurance Limited paid N2.3billion as claims, even as Linkage Assurance Plc paid about N2.2 billion as claims in the year under review.