AIICO Insurance Plc policy holders who suffered insured risks as well as life policy holders claimed N47.3 billion in the insurer’s 2021 financial year.
70 per cent of claims reported which amounted to N33 billion in total, were paid to individuals, with about 14 per cent or N6.5 billion going 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.
In total, the company paid N47.3 billion in claims and benefits to customers, which increased by 19.1 per cent from N39.7 billion paid in 2020.
The insurer paid N29.1 billion and N30.6 billion in 2018 and 2019 respectively.
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.
Commenting on this, the MD/CEO, Mr Babatunde Fajemirokun stated that, “we put the customer first in everything we do. We believe that our customer-centric philosophy is especially crucial today, as customers seek to protect themselves from the volatility of the environment around them.
“Many of our customers have been with us for decades and others will have a relationship with the company for the rest of their lives. We understand the risks that they face, and we have made it our priority to continue to adapt to their changing needs as they go through life, helping them to manage their risks where possible to improve their overall quality of life.
“Our customers trust us to be there for them and we will stop at nothing to continue holding our end of the deal.”
