AIICO settles N47.3 billion claim payment

The Head, Strategic Marketing and Communications, AIICO Insurance Plc, Segun Olalandu, at the weekend, said prompt claim payment by insurance firms has helped to keep many businesses going, amidst economic hardship.

According to Olalandu, the mandate of the underwriter remains one of Nigeria’s brightest in the underwriting business. This comes as the firm said it paid N47.3 billion claims in the 2021 financial year.

Olalandu stressed that timely claim settlement would not only increase the sector’s contribution to the economy but would also assure policyholders of their protection.

In 2021, 70 per cent of claims reported were paid to individuals, with about 14 per cent (₦6.5 billion) going to retirees, who have lifetime contracts with the firm.

Claims to businesses across the spectrum made up 30 per cent (₦14 billion) of the total amount paid out by the company.

Managing Director/Chief Executive Officer, Babatunde Fajemirokun, reassured customers that the firm would not renege on our commitment to prompt claim payment.