Insurance sector records N218m claims payments for terrorism cover vanguardngr.com vanguardnews
It will be recalled that the insurance sector had shied away from introducing terrorism cover on the ground that the risk is highly volatile as a single incident could erode a company’s profit and capital.
The NIA digest further shows that Axa Mansard Insurance Plc paid the highest terrorism claim of N167.9 million, while the rest was settled by Continental Reinsurance Plc.Meanwhile for flood claims, Prestige Assurance Plc paid the largest claims of N55.48 million to D2H Services Limited & Associates. Chairman of the NIA, Mr. Tope Smart said the industry has been responsive in meeting genuine claims responsibilities, stressing that the industry will continue to honour the payment of all genuine claims.
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