NEM Insurance Plc, an Underwriting Firm licensed to underwrite General Insurance classes of business and with its head office at 199, Ikorodu Road, Obanikoro. Lagos. has stated that it has paid claims over the last five (5) years to the tune of about N17.8billion.
See the trend of payments in monetary terms over the last 5 years below:
Claims processing/payment is a crucial part of the insurance cycle and is usually the most important part of insurance as far as the insuring public is concerned and it is at the point in time when a claim is settled by an insurance company that the ‘insured’ gets value for their money.
NEM Insurance Plc started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965. Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria. The company, which has contributed immensely towards the growth of Insurance Industry in Nigeria, was into Life and Non- Life business. Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance.
The company has expanded its operations into the West African Sub region, with the successful registration and commencement of business of its former subsidiary, NEM INSURANCE (GHANA) LIMITED in May, 2009. The subsidiary is now merged with Regency Alliance to form Regency Nem Insurance Ghana Ltd in September 2016 due to recapitalization requirement. A new member, NEM ASSET MANAGEMENT LIMITED was also added to the Brand earlier in March, 2016