Annual Claims Value Of Insurance Firms Rise Above N100bn—AIICO Boss

October 8, 2020
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BY ZAKA KHALIQ, Lagos
Insurance companies in the country have paid consistently over a N100 billion annually for the last three years, a development that shows the importance underwriters now attached to prompt claims payment.

The insurance industry, in 2018 financial year paid above N150 billion claims, while investigation revealed that, the insurers paid above N200 billion claims in 2019 financial year.

Speaking during a breakfast meeting with the new executives of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos, recently, the divisional head, Shared Services, AIICO Insurance, Mr Olusanjo Shodimu, said, operators in the insurance industry have stepped up their claims paying ability, adding that, hundreds of billions of naira were paid as claims on an annual basis in the last few years, with AIICO being one of the leading underwriters in the area of prompt claims payment.

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Shodimu, who represented the managing director/CEO, Mr Babatunde Fajemirokun, said, his insurance company has always been at the fore-front of prompt claims payment as well as insurance awareness to ensure rapid growth in the sale of insurance policies, promising to continue to work with NAIPCO to propagate the message of insurance.

On recapitalisation, , he said, the company, known for its integrity, had previously had International Finance Corporation (IFC) as its investors and now, Leapfrog Investment as its major investor, stating that, the insurer is in the right financial situation to recapitalise before the staggered recapitalisation deadlines of December, 2020 and September, 2021 respectively.

LeapFrog Nigeria Insurance Holdings Limited, he said, had previously acquired 28.24 per cent stake in the company, while AIICO Bahamas Nigeria Limited now holds 10.59 per cent stake in the insurer, a development that see its capital rose from N6.1 billion to N11.3 billion currently.

Similarly, he said, the insurer has launched its N3.5 billion rights issue, which opened on Wednesday, September 2, 2020 and will run through to Wednesday, October 7, 2020, urging shareholders to subscribe to the offers.
He equally promised that AIICO, known for its efficient service delivery, will continue to improve through adoption of the right Information Technology (IT) to give customers the best insurance experience.

Similarly, the head, strategic marketing & communication department, AIICO, Mr Segun Olalandu, promised that the company will sustain its drives in the area of information dissemination to its investing public, through publicising its claims, improves publicity on its products and services as well as its Corporate Social Responsibility( CSR), to continue to give back to the society.

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