Underwriter reassures policyholders of prompt claims payment

An underwriting firm, Guinea Insurance Plc, has reassured customers of prompt claims settlement. The Managing Director of the company, Ademola Abidogun, called on Nigerians to take advantage of insurance in their day-to-day activities.

Abidogun stated this at a quarterly Chief Executive Officers’ Forum sponsored by the firm in Lagos. He said the underwriting firm would continue to settle genuine claims promptly. He said his insurer paid claims worth N263 million in 2020, N258 million in 2021 and N165 million last year.

According to him, the underwriter will return to profitability in 2023 as loss after tax has drastically reduced to N20 million in 2022 from N700 million recorded in 2020.

Abidogun said that the insurer has continued to make underwriting profit every year.

“We are committed to reducing expenses and increasing turnover, top line and managing underwriting properly with proper reinsurance. We are also looking at businesses that we take and we make sure that we don’t just take any business,” he said.