Economy
Nigerian Insurance Firms Pay Out N564bn Claims in Q3 of 2024
By Aduragbemi Omiyale
Underwriting companies in Nigeria have continued to show their willingness to deepen insurance in the country by changing the wrong perception of people about the sector.
Data released by the National Insurance Commission (NAICOM) on Monday showed that in the third quarter of 2024, insurers paid about N564.1 billion as claims, representing 48.1 per cent of the total premiums generated between July and September.
According to the regulator, the life insurance segment recorded an impressive claims settlement ratio of 81.6 per cent versus 73.6 per cent in the non-life segment achieved 73.6 per cent.
“The ratio of net claims paid demonstrated strong performance across various business classes. Motor Insurance achieved an outstanding ratio of 92.3 per cent, followed by Miscellaneous at 88.9 per cent.
“General Accident and Fire businesses recorded 86.3 per cent and 75.1 per cent, respectively. The oil & gas business, while lower at 63.7 per cent, showed significant progress compared to 43.1 per cent recorded in the corresponding period of the previous year,” a part of the report stated.
It was revealed that during the review period, the total assets in the sector grew by 5.15 per cent to N3.88 trillion from N3.69 trillion in the second quarter of last year, with the non-life business accounting for N2.34 trillion and the life business contributing N1.54 trillion.
Also, the gross premium written went up by 44.3 per cent to close at N1.17 trillion, with the non-life sector accounting for 68.9 per cent at N808.4 billion and the life segment accounting for 31.1 per cent at N362 billion.
“The industry indeed has demonstrated some significant level of robustness, profitability, and stability as established by the performance in premium generation, favourable net loss ratios, substantial market expansion, and a competitive operating environment.
“More importantly, is the favourable outlook of the market owing to the ongoing regulatory policy direction in terms of sector-wide process automation, market deepening measures, and a sustainable legal framework improvement,” the report stated.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn