The Nigeria Insurers Association has disclosed that insurance firms paid over N5.4 billion in claims settlement arising from #EndSARS losses.
This was confirmed by the agency’s Director-General, Yetunde Ilori, during a seminar organised by Noor Takaful Limited in Lagos on Wednesday.
What the NIA is saying
Ilori said, “There is also a privacy policy regarding insurance. During the #EndSARS period, we have paid over N5.4 billion in settlement of claims. As an umbrella body, we would summarize what we are doing in terms of insurance claims payment.
“The principle of insurance is so many people contributing money together to settle the unfortunate ones.
“Other insurance companies also provide non-claim discounts to those who have not collected their claims.”
On recapitalisation, she tasked Noor Takaful to be consistent in its performance.
“We looked at your growth from the gross contribution of N243 million and now from our records in 2020, you have crossed over to have generated a contribution of about N1.2 billion and I think this is a great achievement,” she added.
Former CBN governor, Muhammadu Sanusi, expressed delight at the growth of the company, listing some of the roles he played in the evolution of Islamic finance in the country.
He said, “Takaful is part of the growth trajectory of Islamic finance that was influenced by the introduction of Islamic banks and Islamic capital markets entities.
“Its introduction is a testimony to the responsiveness of NAICOM, the insurance regulator of Nigeria.”
Sanusi added, “Banking and insurance services are a measure of the development of a country’s financial services.
“Based on this need, mutuality and collectiveness reflected by the practice and teachings of Islam, Takaful Insurance was recognised by some economists, financial experts as alternatives to financial trade.”
What you should know about NoorTakaful
For the third year in a row, Noor Takaful, has announced the distribution of surplus (cashback) payment worth over N36 million to participants (policyholders) who did not make claims, in line with its commitment to promoting ethical insurance in Nigeria.
A total of 621 participants including individuals, private and public organizations, banks and higher institutions of learning, would receive this surplus payment.
The list of customers to receive surplus include BUA Group, Engee Pet ManufacturingLimited, Kano Agric Supply, JAMB, Modibbo Adama University – Yola, SterlingBank and Jaiz Bank. Engee Pet Manufacturing will receive one of the highest amounts worth N1.13 million.
The company has also announced the launch of a new product targeted at serving the varying insurance needs of its customers most especially in the retail market.
The surplus payment which comes as a result of the Win-Win model of insurance operated by Noor takaful – an indigenous insurance company licensed by the National Insurance Commission in2016 thrives on the pool of funds provided by the participants.
Takaful is the non-Interestfinance insurance that seeks to serve a large market of uninsured Nigerians spread across different parts of the country.
Chairman, Board of Directors, Noor Takaful Insurance Limited, Muhtar Bakare described the surplus distribution extended to participants as a significant milestone for the company noting that this gesture has contributed immensely to unlocking the value in ethically compliance insurance both for individuals and corporate organisations in Nigeria.
“We assure you that we shall carry that burden of trust with probity, diligence and good faith. Noor Takaful will continue to provide innovation and leadership in the takaful industry in Nigeria whilst maintaining high, ethical and professional standards,” he said.
In his remarks, Vice Chairman, NoorTakaful Insurance Limited, Aminu Tukur stated that the distribution of surplus to policyholders has continued to boost interest for the Takaful Insurance market with participants growing daily.
Tukur noted that the company remains committed to being at the forefront of providing personalized ethical insurance that offers tangible value to customers. He further mentioned that the company will continue to make innovations in the insurance industry
A total amount of N1billion has so far been paid in claims to policyholders since inception.