AIICO pays N47.3bn claim benefits to customers in 2021

BY CHARLES ABUEDE

AIICO Insurance Plc, the Nigerian composite insurer, said it paid out a total of N47.3 billion in claims to its customers in 2021, with about 70 percent or N33 billion being paid to individuals, while 14 percent or N6.5 billion paid to retirees who have lifetime contracts with the company.

In its earnings statement, Babatunde Fajemirokun, managing director, said claims paid to businesses across the spectrum made up 30 percent or N14 billion of total claims paid to customers during the period under review.

He also said the N47.3 billion paid out in claims and benefits to customers represented a 19.1 percent rise from the N39.7 billion paid out in 2020, adding that AIICO, in 2018 and 2019, paid out a total of N29.1 billion and N30.6 billion, 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.

“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,” said Fajemirokun.

The AIICO chief said the customers trusted the company to be there for them and that the company would stop at nothing to continue to uphold 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,” Fajemirokun added.