AIICO Insurance Plc, has said that it paid a total of N47.3 billion claims to its customers in 2021.
The company said 70 per cent of the above total claims, about N33 billion was paid to individuals, with about 14 percent (N6.5 billion) paid to retirees who have lifetime contracts with the company.
The company in a recent statement said claims paid to businesses across the spectrum made up 30 percent (N14 billion) of total claims paid to customers during the period under review.
“In total, the company paid N47.3 billion in claims and benefits to customers, up by 19.1 per cent from N39.7 billion paid in 2020.
In 2018, the company paid a total of N29.1 billion and N30.6 billion in 2019 “, said AIICO Managing Director, Mr Babatunde Fajemirokun.
Continuing, he said, “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.
“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”.
He said AIICO customers trusted the company to be there for them and that the company would stop at nothing to continue holding its 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.
Speaking, one of the customers Mr. Monday Abah, recently shared his experience on a radio interview in Lagos. He signed up for one of AIICO’s Savings & Life Assurance Plans and got paid immediately at maturity.
He stated, “As a matter of fact, before they called me, my account was credited; I just received the alert and then, a call came through to notify me. I am now planning to embark on a 15-year policy for my retirement”, he said.
AIICO Insurance is a composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years.
