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Published On: Wed, Feb 12th, 2020

Insurers pay over N350m claims on banks, others fraudulent acts

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Insurance companies paid over N350 million claims on frauds perpetrated by banks’ staff and fraudsters in 2018.
Data obtained from the Nigerian Insurers Association (NIA) stated that NEM Insurance paid the largest claims amounting to N115.20 million, which was paid to Union Bank Plc. The bank also got N62.38 million claims from Cornerstone Insurance Plc.
NEM Insurance Plc also paid N13.13 million claims to Whyte Cleon Limited, while AIICO Insurance Plc paid N9.33 million to Union Bank Plc and Leadway Assurance Limited also paid the bank N9.22 million.
Royal Exchange General Insurance Company Limited, paid N6.86 million to Standard Chartered Bank Nigeria Plc other banks and organisations got different amounts for losses they suffered on fraudulent acts.
The Acting Commissioner for Insurance, Sunday Thomas, said insurance companies are in the business of insurance primarily to settle genuine claims made by policyholders. He urged board of directors of companies to ensure that in all their policy formulations, prompt settlement of claims should be given a high priority, stressing that the National Insurance Commission (NAICOM) will view seriously any case of late or non payment of genuine claims.
Major payment channels in Nigeria were hit with the high reported fraud incidences in 2018, as revealed by data obtained from Central Bank of Nigeria (CBN).
The apex bank’s Financial Stability Report disclosed that the payment channels hard-hit include, Automated Teller Machines (ATM), Point of Sales (POS) and Mobile.

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