Industry Confidence Boosted as Insurers Pay N82.5bn Fire Claim on ₦255m Premium

From left: Deputy Commissioner Finance and Administration National Insurance Commission, Ekerete Ola Gam-Ikon; Commissioner for Insurance Olusegun Omosehin and Deputy Commissiner Technical Dr. Usman Jankara at the event.

By LOVETH AZODO, Lagos

Nigerian insurers have once again demonstrated their capacity to honour large obligations, with the prompt settlement of a $55 million (₦82.5 billion) claim to Brittania-U following a devastating fire incident.

The indigenous petroleum firm, which operates the Ajapa marginal field and owns the FPSO Brittania UI, experienced a major fire in July 2024.

Speaking at the 2025 NAICOM Annual Journalists’ Conference in Abeokuta, Ogun State, the Commissioner for Insurance, Mr. Olusegun Omosehin, hailed the feat as proof that Nigerian insurers are responsive and reliable when genuine risks occur.

He stressed that NAICOM maintains zero tolerance for companies that fail to honour legitimate claims, adding that prompt payments such as this reinforce confidence in the industry.

“I have never been more proud of this industry than I am now; this settlement demonstrates its strength and credibility,” he said.

Following assessment, its initial ₦108 billion ($72m) claim was adjusted to ₦82.5 billion, which a consortium of underwriters has now fully paid.

Remarkably, Brittania-U had only paid ₦255 million (about $170,000) in premium, underscoring the value of insurance in protecting businesses against catastrophic losses.

This single settlement forms part of the nearly ₦180 billion ($120m) in “big-ticket” claims Nigerian insurers have cleared for corporate clients this year alone, excluding numerous smaller claims across the industry.