African Alliance pays customers over N25.7b claims settlement

Winner of ‘Claims Excellence Insurance Company of the Year 2022’ awarded by Banks and Financial Institutions (BAFI), African Alliance, has continued to demonstrate its unmatched leadership in the settlement and payments of genuine claims by paying N25.7 billion in three years.

The foremost life insurer has consistently increased claims payment by 17 per cent year-on-year since 2020, with a total of N25.7 billion paid over three years.

In 2020, it paid out over N7.1 billion in claims, which increased to N8.3 billion in 2021, and a whopping N9.7 billion in 2022. 

The breakdown of 2022 shows N4.26 billion paid to annuitants, N1.76 billion in Group Life claims, N1.84 billion in Individual Life claims, N714 million in Takaful payouts, and N1.1 billion in Esusu payouts. 

The company continues to make remarkable progress, having successfully paid over N573 million in January 2023 YTD, demonstrating its reliability with evidence of excellence in claims settlement.

Managing Director and Chief Executive Officer (CEO) of the company, Mrs. Joyce Ojemudia, said: “We understand the importance of prompt claims settlement and we remain steadfast in our resolve to deliver on our promises to our valued clients.”

She added that the firm has distinguished itself in the insurance sector for its cutting-edge products, top-notch customer service and dedication and commitment to excellence.