The Chartered Insurance Institute of Nigeria (CIIN), on Monday confirmed a cumulative payment of N271 billion by insurers as insurance claims in three years.

The President of the Institute, Mr Eddie Efekoha, declared the figures while expressing delight in ways product development in the insurance industry is positive impacting Nigerian lives.

Efekoha told journalists in Lagos that insurance products were now having direct positive impacts on lives of average Nigerians.

Giving the yearly breakdown of the claims’ payment, Efekoha hinted that over N76 billion insurance claims were paid in 2014, about N90 billion paid in 2015 and over N105 billion claims paid in 2016.

The insurance expert stressed that there were products and services tailored for everyone no matter which side of life they find themselves., noting that the innovative approach in products and services delivery gives no room for individual excuses not to cover their risks.

He said that insurance was essential to provide cover for all eventualities in life, adding that unexpected incidences often distabilised Nigerians because they lacked insurance policies.

“Moreover, nobody knows the day of his or her death and it would be disastrous for anyone to leave dependents without benefits. Insurance is the foundation for any wise financial planning,” he said.

The industry expert urged Nigerians and others living in the country to engage the services of insurance brokers for professional advice and would be convinced by prompt payment of claims.