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AIICO Insurance paid N47.3bn claims in 2021 — MD

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AIICO Insurance Plc on Thursday said it paid a total of N47.3 billion in claims and benefits to customers in 2021.
This, it said, indicates 19.1 per cent increase from N39.7 billion paid in 2020.

The Managing Director/CEO of the insurance company, Mr. Babatunde Fajemirokun, in a statement made available in Lagos, recalled that the firm also paid N29.1billion and N30.6billion in 2018 and 2019 respectively.

“In 2021, of the 70 per cent of claims reported, about N33 billion in total, were paid to individuals, with about 14 per cent (N6.5 billion) paid to retirees who have lifetime contracts with the company.

“Claims to businesses across the spectrum made up 30 per cent (N14 billion) of total claims paid to customers.
“This growth, along with the growth in its overall financial position over the years, underscores its incremental capacity to cater for the needs of existing and prospective customers,” Fajemirokun said.

According to him, the underwriter understands the risks faced by its customers.

He said it had therefore made it a priority to continue to adapt to their changing needs as they go through life.

According to him, AIICO does this by helping its customers to manage their risks where possible, to improve their overall quality of life.

The managing director said: “Our customers trust us to be there for them and we will stop at nothing to continue holding our end of the deal.

“Today’s insuring public is more discerning and risk-conscious, generally trusting companies with a track record of good service with their hard-earned funds.

“Insurers are no different in this regard and for customers, promptness in settlement of genuine claims remains a key performance indicator for choosing an insurer.

“AIICO considers a variety of metrics when assessing the quality of its service for a lot of its customers, especially retirees.

“Paying claims and benefits when they are due, is often the customer’s key determinant of the quality of their experience.”

Fajemirokun said that the insurer believed that its customer-centric philosophy was crucial, as customers seek to protect themselves from the volatility of the environment around them.

AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years.

Founded in 1963, AIICO provides life, health, general and investment management services to create and protect wealth for individuals, families, and corporate customers.

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