Insurance companies paid over N517.57 million as claims to banks for fraudulent activities in 2016, even as available data, put banks fraud and forgeries at over N5.52 billion.
According a report obtained from the Nigerian Insurers Association (NIA), UnityKapital Assurance Plc. paid the largest single fraud claims amounting to N172.01 million to Unity Bank Plc.
Axa Mansard Insurance paid N84.95 million to Guaranty Trust Bank and Custodian and Allied Insurance Limited, paid N30.95 million to Sterling Bank Plc.
The value of fraud and forgeries in banking sector rose to N5.52 billion at the end of June 2017 from N4.12 billion at end of December 2016, according to the Central Bank of Nigeria (CBN).