Life insurance operators paid over N312.85 million group life claims to the Nigerian Police on deceased officers in 2016, it has been reliably gathered.
This was disclosed in the 2016 Nigeria Insurance Digest, published by the Nigerian Insurers Association (NIA). According to the NIA, ARM Life paid the largest claims amounting to N54.29 million, followed by Custodian Life Assurance Limited, N41.66 million.
Findings revealed that the security outfit loss more officers in 2016, as against 2014, when about N74.24 million claims were paid.
Chairman NIA, Eddie Efekoha, who considered insurance as the best tools to effectively manage the economy resources, urged the government to leverage insurance to mitigate its risks.
He called on the government to give more attention to group life insurance scheme, stressing that the scheme remains one of the ways the government can cater for workers’ risk liabilities.
Efekoha said insurance operators will continue to live up to their claims responsibilities, stressing that insurance should be considered first in decision making, especially now that it is difficult to replace lost items due to high cost.