The National Insurance Commission (NAICOM) has disclosed that Nigerian insurance operators paid out a combined N157 billion in two major claims so far in 2025, underscoring the sector’s commitment to meeting obligations.
According to the regulator, the largest payout came in July 2025, when a consortium of insurers settled N82.5 billion ($55 million) in claims for Brittania-U Nigeria Limited following a devastating fire incident. Brittania-U, a local petroleum company, had originally filed for N108 billion ($72 million) in claims, which was later adjusted before settlement. The company had only paid about N255 million ($170,000) in premiums, a fraction of the final claim value.
Another significant claim involved Shelf Drilling, which received $50 million from industry operators, making it the second-highest payout of the year.
Speaking at NAICOM’s journalists’ retreat over the weekend, Commissioner for Insurance Olusegun Omosehin emphasized that the payments highlight the industry’s promise-keeping role. He assured the public that his administration has zero tolerance for delays in genuine claims settlement, regardless of the adequacy of premiums charged.
Omosehin further stressed that NAICOM will rigorously enforce the provisions of the forthcoming Nigerian Insurance Industry Act (NIIRA 2025) to safeguard policyholders and strengthen professionalism in premium practices.
“Insurance is about keeping promises,” he said. “Once genuine claims arise, they must be paid, whether or not the premium charged was appropriate.”
