Law Union & Rock Insurance Plc said it paid N1.64bn claims in the 2015 financial period.
According to a statement from the firm on Monday, the claims were paid on fire, general accidents motor, marine and aviation, engineering, bond and oil and energy.
The firm disclosed that fire and motor insurance claims accounted for almost 73 per cent of the overall claims paid during the year.
The Managing Director/Chief Executive Officer, Jide Orimolade, said the statistics showed that the amount of accidents that emanated as a result of fire and motor accidents in the country was on the increase and the company was determined to support its customers and keep its promise to deliver on prompt claims payment.