Insurance companies in Nigeria have disbursed over ₦180 billion in claims within the first nine months of 2025, helping businesses recover from losses and compensating families for loss of lives.
A significant portion of this payout—₦82.5 billion—went to Brittania-U, a Nigerian-owned petroleum company, following a fire incident on its FPSO Brittania UI at the Ajapa marginal field in July 2024.
The Commissioner for Insurance at the National Insurance Commission (NAICOM), Segun Omosehin, disclosed this during the 2025 Annual Seminar for Insurance Journalists in Abeokuta, Ogun State. He described the payments as a milestone for the sector, countering public skepticism about insurers’ ability to settle genuine claims.
Omosehin explained that Brittania-U had initially filed a claim of ₦108 billion (about $72 million at ₦1,500/$1), which was later adjusted to ₦82.5 billion before payment. The company had earlier paid a premium of ₦255 million ($170,000), underscoring the importance of risk pooling in safeguarding businesses.
Beyond Brittania-U’s case, Omosehin noted that other large-scale and smaller claims made up the balance of the ₦180 billion disbursed during the period. He emphasized NAICOM’s strict stance against operators who delay or deny legitimate claims, adding that protecting policyholders remains a top priority.
“Claims payment is a priority for us at the Commission, and we are pursuing it with the full commitment it deserves,” Omosehin said.
