How To Make An Insurance Claim In Nigeria

In insurance, a claim is a request made to an insurance company by an insured individual or corporate entity for payment or compensation of a loss or damage covered by the insurance policy. The claim is made following the occurrence of a covered incident. The compensation received by the insured individual will compensate for financial damages incurred as a result of the occurrence.

Simply put, a claim on an insurance policy is a formal notification to the insurance company that a loss or damage is covered by an insurance policy. The insurer will review the claim and see if the event or circumstances are risks covered by the policy. If the claim is approved, the benefit or payout refers to the replacement or repair of any property or any money made by the insurer who will then assess the claim's value and offer the appropriate benefit as provided in the insurance contract.