NSIA Insurance Company Limited has disbursed approximately N44 billion in claims to policyholders affected by insured risks over the past 10 years.
The milestone was highlighted during the company’s 30th-anniversary celebration in Lagos over the weekend, which brought together key stakeholders, including board members, industry leaders, brokers, corporate clients, and the media.
Speaking at the event, NSIA Insurance Managing Director Moruf Apampa emphasized the company’s commitment to prompt claims settlement, noting that claims are processed within 48 hours once full documentation is received. He further revealed that the company’s premium income increased from N22.3 billion in 2023 to approximately N30.2 billion in 2024, while its profit before tax (PBT) grew from N3.2 billion to N3.7 billion within the same period. The company’s total assets have also expanded significantly, rising from N13 billion a decade ago to N59 billion today.
“NSIA Insurance has evolved into a forward-thinking, customer-centric organization. Paying over N44 billion in claims in the last decade underscores our commitment to reliability and trust. As we move forward, we will continue to innovate, expand, and create value for all our stakeholders,” Apampa stated.
Echoing this sentiment, NSIA Insurance Chairman, Dr. Adesegun Akin-Olugbade, acknowledged the company’s resilience and impact. “This milestone is a testament to the dedication of our employees, the trust of our clients, and the support of our partners. NSIA Insurance has stood the test of time, and we remain committed to delivering on our promise of protection and peace of mind,” he said.
Looking ahead, NSIA Insurance is focused on enhancing digital capabilities, strengthening customer engagement, and developing innovative products tailored to evolving market needs. Recognizing the rapidly changing insurance landscape, the company aims to lead the industry in redefining modern insurance solutions.
With three decades of experience, NSIA Insurance has built a strong reputation for financial stability, service excellence, and an unwavering commitment to its policyholders. The company maintains a solid presence in Nigeria and West Africa, continuously adapting to meet customers’ evolving needs while driving innovation in the insurance sector.
NSIA Insurance Limited (Nigeria) is part of NSIA Participations, which operates in 12 African countries, including Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea-Bissau, Mali, Nigeria, Senegal, and Togo.