In Six Months, Niger Insurance Paid N1.4bn Claims

Niger Insurance Plc says it paid claims worth N1.4bn to its policyholders between June and November.

The Managing Director of the company, Mr Edwin Igbiti, disclosed this during a press briefing, while speaking on efforts to meet the needs of its customers and restructure the company.

“We have paid N1.4bn claims to our policyholders from June till now,” he said.

He said that the company had presented its five-year plan to the board that would bring positive transformation to Niger insurance.

While assuring that the company was an insurer of the future, he said that it had been delivering value for the past 57 years.

As part of its recapitalisation plans, he said the company had met with its shareholders, and they granted its plans to meet the new requirement of the National Insurance Commission through right issue and business placement among others.

He also said that the shareholders had agreed that the company should go ahead with share reconstruction, while also ensuring it got all necessary regulatory approvals.

To raise additional capital, he said that the company was making efforts to dispose off some assets that could fetch it billions of naira.

Igbiti said, “Niger Insurance has solid assets, no encumbrance. We have an asset that can generate N11bn in Abuja ones we sell it off. We will have enough funds to settle all outstanding claims.”

He said it was committed to strengthening its balance sheet, and also enhance the capacity of of its workforce.

“Technology compliance is very important and going forward, we want to ensure that our technology is excellent,” he said.