Leading insurance companies in Nigeria grappled with a significant surge in net claims by customers in the first half of 2023, amounting to N49.158 billion, a substantial increase of 25.47 per cent compared to the N39.178 billion recorded in the same period in 2022.
The companies, including Custodian Insurance, NEM Insurance, Sovereign Trust Insurance, AXA-Mansard Plc., AIICO, Mutual Benefits Assurance, and Cornerstone Insurance, earned a total of N200.515 billion in gross premium income representing a 21.1 per cent increase when compared to N165.626 in 2022.
Custodian and Allied Investment Plc. saw its claims rise to N11.412 billion in 2023 from N10.479 billion in the same period of 2022, a growth of 8.90 per cent.
Its gross premium rose by 13.39 per cent to N41.411 billion from N36.521 billion recorded in 2022.
AXA Mansard paid a whopping claim of N9.389 billion during the half year as against N8.529 billion in 2022, an increase of 10.08 per cent.
Its gross premium income stood at N39.003 billion in the review period from N34.716 billion in the comparable period 2022, an increase of 12.35 per cent.
Sovereign Trust Insurance Plc. saw its claims rise to N7.559 billion in 2023 from N4.331 billion in the same period of 2022, a growth of 74.53 per cent.
Its gross premium rose by 33.35 per cent to N12.234 billion from N9.174 billion recorded in 2022.
Mutual Benefits Assurance Plc. recorded net claims of N7.290 billion in 2023, a 16.36 per cent increase from N6.265 billion paid in 2022.
The insurance firm recorded a gross premium income of N17.992 billion from N15.637 billion, accounting for a growth of 15.06 per cent.
