Coronation Insurance Plc, one of Nigeria’s leading financial services companies has continued to meet its claims obligation despite the challenging business environment.
The group at the end of the 2021 financial year paid out N7.31 billion in claims to its policyholders that suffered losses during the period, as against N6.91 billion paid out in 2020.
The market will be recalled witnessing huge claims in 2021 following the aftermath of the EndSARS crisis in 2020, which saw the industry looking to pay about N20 billion in claims.
As of the end of March 2022, the industry has paid out about N11 billion, with a lot of claims still fined and negotiated.
For Coronation Insurance, policyholders would continue to be happy partnering with us as we have continued to make claims payment a priority, a senior official in the company said.
Read also: Consolidated Hallmark Insurance rewards winners of 2021 annual essay competition
While claims remain a priority, the company remains upbeat in its underwriting performance, having recorded in the review year underwriting income of N9.67 billion, as against N9.47 billion in 2020.
In the company’s summary of Audited Group Accounts for the year ended 31 December 2021 submitted to the Nigerian Stock Exchange, total assets grew to N39.80 billion, from N39.72 billion in the previous year, while gross premium written was N14.13 billion , from N16.19 billion the previous year.
The company however recorded a loss before tax of N2.11 billion, against a profit before tax of N1.1 6 billion, while the loss after tax was N2.58 billion, as against profit after tax of N1.20 billion in 2020.
This may have resulted from huge claims paid in the review year, according to analysts in the market.
Nigeria has a population of over 200 million people with insurance penetration less than one percent, and lower than smaller countries within the continent, and this underscores the potential of the market and how much growth is available for strategic and forward looking companies.