Eight insurance companies have paid about N992 million as claims to Dangote Group in respect of fire incidents that gutted some of the group’s establishments, especially the sugar factory.
A document released to newsmen by the Nigerian Insurers Association (NIA) revealed that the underwriting firms at various times paid sums ranging from N3.56 million to N175 million depending on the policy agreement.
According to the breakdown, while AIICO insurance made a total payment of about N180 million, Cornerstone paid approximately N130 million. Similarly, Custodian & Allied paid about N179 million, while Leadway Assurance coughed out N192 million.
Within the same period, Mutual Benefits paid out about N125 million; Old Mutual, N130 million; Sovereign Trust Insurance, N4.75 million, and Union Assurance, N7.77 million.
Dangote Group had suffered a major loss in 2012 when the sugar refining plant in Apapa was gutted by fire. Shortly after the incident, some experts had put the expected claims at over N8 billion. Prior to the recent claims payment, the Group, in the past, was also paid about N165.2 million as claims on fire.
Shortly after the incident, some experts had put the expected claims at over N8 billion. Dangote Sugar Refinery is owned by Alhaji Aliko Dangote, Africa’s richest man.
A breakdown of the payment revealed that while AIICO insurance made a total payment of over N15.17 million, Cornerstone paid over N10.84 million. Custodian & Allied coughed out N12.19 million, while Equity Assurance paid N4.19 million.
Also, Industrial & General Insurance coughed out over N15.27 million; International Energy insurance, N10.84 million; Leadway Assurance, N36.10 million; Mansard, N31.16 million; Old Mutual, N10.84 million and Zenith, N15.88 million.
Dangote Group suffered a major loss in 2012 when the sugar refinery whose refining plant in Apapa was gutted by fire. Shortly after the incident, some experts had put the expected claims at N8 billion Naira.
