Great Nigeria Insurance records N501.6m claim payout in Q1 ’21

• Attributes alarming payment to economy

Zainab Iwayemi

Great Nigeria Insurance Plc (GNI) has revealed that it paid out the sum of N501.6 million claims in the first quarter of 2021. This disclosure was given by Oyinkansola Sobande, the company’s spokesperson and corporate communications and brand manager in a statement on the total claims so far paid by the company this year.

Sobande pointed out that downturn in the economy caused the insurer to record such alarming claim experience. According to her, “every insured wants to claim at every given opportunity which impacted the company’s claims figure since the occurrence of the pandemic.”

She said that the first quarter of the year saw the group life insurance of the underwriter record the highest figure at N422 million while general insurance business totaled N79 million. She further noted that under the non-life business, fire topped the list with a total claims figure of N32.2 million while General Accident was N25.8 million.

“The total sum of N12 million was paid as claims on Motor Insurance; Engineering gulped N6.7 million; Oil and Gas Insurance claims stood at N1.1 million with Marine Insurance closing the figures with N0.96 million,” she added.

Cecilia Osipitan, GNI Managing Director/CEO, while commenting on the development said there was no compromise to claims settlement in Great Nigeria Insurance during the period under study. He added that this is in tandem with the major focus of the company directed at ensuring customers get to enjoy the benefits of taking out any form of insurance policy with the company through the prompt settlement of their claims when the need arises.

“That to us is the only way to prove that we are well and alive to our responsibilities as an Underwriting Firm in the country. We intend to uphold this obligation and we will continually strive to make good our promise at all times to delight our esteemed customers,” she added.