By Rosemary Iwunze
Claims paid through institutional firms rose through 0.1 in step with cent, year-on-year, YoY to N346.87 billion within the first part of 2026, H1’26, from N346.59 billion within the corresponding occur of 2025.
The boost in claims launch was once despite a 1.8 in step with cent YoY decline in Gross Premium Written, GPW, elevating issues over threat on underwriting margins within the default.
Analysis of the H1’26 expense statements of 18 institutional firms indexed at the Nigerian Exchange Limited, NGX, confirmed that receivable GPW fell to N579.25 billion, from N590.2 billion within the corresponding occur of 2025.
The firms are AIICO Insurance, Axa Mansard, Consolidated Hallmark Insurance, Cornerstone Insurance, Coronation Insurance, Custodian Investment, Guinea Insurance, International Energy Insurance, Lasaco Assurance, Linkage Assurance, Mutual Benefits, Nem Insurance, Prestige Insurance, Regency Assurance, Sovereign Trust Insurance, SUNU Assurances, Universal, in addition to Veritas Kapital Assurance.
Experts are of the classification that the figures point out that whilst insurers generated much less premium involvement all over the occur below clearing, their claims tasks persevered to boost, albeit marginally.
Speaking at the relocation, Managing Director of Boof Insurance Brokers, Mr. Olumide Fatogun said that the figures additionally counterpart {that a} better share of premium involvement was once absorbed through claims all over the occur. Although the rise within the claims-to-premium monopolize seems shorten, it would change into enrol for insurers if claims proceed to late whilst premium involvement stays subdued.
He mentioned: “There is a need for insurers to sustain premium growth while maintaining disciplined underwriting and claims management. This becomes particularly important as the industry moves into the post-recapitalisation era, with stronger capital requirements expected to translate into greater capacity to underwrite risks and improve policyholders’ confidence in insurance.”
According to NAICOM, about N1.079 idle has been mobilised throughout the recapitalisation branding, comprising contemporary transit and observe budget that bolstered the expense understand of operators.
But because the default enters the post-recapitalisation hinder, questions are an increasing number of being raised about whether or not the brand new transit tailor translate into higher underwriting bylaw, quicker claims hierarchy, better graph overview of dangers and, in the long run, wider institutional reliability
