BY NGOZI ONYEAKUSI

L-R: Deputy Commissioner Finance and Administration National Insurance Commission (NAICOM), Ekerete Ola Gam-Ikon; Commissioner for Insurance Olusegun Omosehin, and Deputy Commissiner Technical Dr. Usman Jankara at the 2025 Seminar for Insurance Journalists in Abeokuta, Ogun State

 

The National Insurance Commission (NAICOM) has commended the
Nigerian insurance companies over payment of claims worth N180 billion in the first nine months of 2025.

The most significant among the claims according to the Commissioner for Insurance Mr Olusegun Ayo Omosehin included N82.5 billion paid to Brittania-U, a Nigerian indigenous petroleum company, describing it as a major milestone for the 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.

Speaking at the 2025 seminar for insurance journalists at Abeokuta, Ogun State, Omosehin stated that the Commission is committed to ensuring that genuine claims are settled promptly.
“Claims payment is a priority for us in the commission, and we are pursuing it with all the commitments it requires,” Omosehin said.
He emphasised that NAICOM maintains a strict stance against operators who fail to settle genuine claims, reiterating the regulator’s commitment to protecting policyholders.

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.

Honestly, I must tell you, I have never been proud of this market until that time. I confirmed to you the market has paid the N83 billion claim in full.

“The interesting part is that the premium for this risk was $170,000. The painful part of it is that the payment of this claim has not been publicized. Those are the things I want to see published.

Omosehin emphasized the need for practitioners to publicize claims paid to change the negative perception by the public about the sector. “We cannot continue as a sector to keep quiet. Billions are being paid on an annual basis, yet people are saying insurance does not exist in Nigeria because they have access to the radio airwaves and those ones will go viral but the billions insurance companies are paying on an annual basis are not publicized

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.