African Alliance Insurance settles N8bn claims in 2017

African Alliance Insurance Plc has announced that it paid N8.69 billion in claims settlement in 2017, a 32.5 percent increase from the N6.56 billion paid in 2016.

The company also recorded a gross premium income of N6.29billion in 2017. The figures were released by the Funmi Omo, Managing Director, in reaction to a recently published article addressing the company’s commitment to shareholders and customers.

“Our shareholders and customers have been satisfied with our level of transparency and commitment to them. Last year 2017, we paid N8billion in claims settlement as a testament to our good faith and good will, and we specifically pledged to continue to uphold our integrity and maintain the highest level of corporate governance,” Funmi Omo said.

In the same vein, Omo announced that the company recently engaged the services of foremost accounting and auditing firm, Deloitte & Touche to ensure that all remittances, policies, and regulations are strictly adhered to. She also affirmed that the company is prioritising technology and people to drive cost efficiency and provide the maximum value to stakeholders. She stated that the moves were necessary in line with the company’s new strategy which highlights maintaining a high level of corporate governance as one of its strategic goals. The new strategy was put in place shortly after the resumption of the Managing Director, Funmi Omo, in May 2017.