Insurer pays out N208m as no-claim-record compensation

Noor Takaful, the leading Islamic Insurance firm in Nigeria, has disbursed a total surplus of N208 Million to policyholders who have no claims record as part of efforts aimed at promoting ethical insurance in the country.

The surplus allocation was announced as part of a two-day African Takaful and Non-interest Finance conference held in Lagos.

The event drew substantial attendance from industry professionals, stakeholders, insurance experts, brokers, agents and media.

Recipients of the surplus included individuals, private and public organisations as well as financial institutions. Among the beneficiaries were Lotus Capital Limited, Jaiz Bank Plc, Sterling Bank Plc, Ahmed Zakari & Co, Nasco Group, Istabraraqim Nigeria Limited and the King’s College Old Boys Association.

For instance, Sterling Bank Plc, Jaiz Bank Plc, and Lotus Bank Limited were given N13.48 million, N13,15 million and N1.496 million respectively while King’s College Old Boys (19977-1982 Set) received N465,957.7.

Speaking at the programme, the Managing Director, Noor Takaful Insurance, Rilwan Sunmonu, said out of the total surplus of N208,496,800 and N173,994,800 was distributed under the Group Family Takaful segment, while N34,502,000 was allocated within the General Takaful category.

“These amounts consider reserves and January/performance incentives for the Takaful Operator. The surplus distributions have been sanctioned by the National Insurance Commission (NAICOM), the regulatory body overseeing Noor Takaful Insurance,” he said.