The Nigerian National Petroleum Corporation Group Life Assurance (GLA) scheme says it recorded claim settlement of N2.47 billion and N3.01 billion In 2018 and 2019.
Persecondnews gleaned from available records that claims portfolio for the year 2016 displayed a claim of N2.36 billion over a premium of N2.45 billion while 2017 saw a claim of N2.83 against a premium of N2.37 billion.
The NNPC is currently being probed for alleged $179 million insurance policy, and alleged huge unsettled life insurance claims, poor handling of Group Life Insurance schemes, its effects on motivation and productivity of working-class citizens and non-payment/un-allowed deductions on entitlements of the surviving families.
For the $179 million premium allegedly paid by Nigerian National Petroleum Corporation (NNPC) and Joint Ventures (JVs), investigation showed that since 2013 to the current insurance year (2020/2021), the premium paid by NNPC has been reducing consistently notwithstanding that the assets value have been increasing through acquisition of new assets and new investments.
From a premium of $79.8 million and asset value of $50.3b in 2014/2015 insurance year, the premium has been on downward trend to $39.6 million with an increased asset value of $68.9 billion for 2020/2021 insurance year.
Author
Leave a comment