Zenith General Insurance earns customers’ trust with N5bn in claims payment

Cynthia Ezekwe

Zenith General Insurance’s commitment to providing its customers with the financial relief they deserve has been further demonstrated by its payment of N5 billion in claims to policyholders who have suffered insured risks in the financial year 2023.

 Jude Modilim, the managing director and chief executive officer of Zenith General Insurance Limited, made this disclosure during a visit from the Nigerian Association of Insurance and Pension Editors (NAIPE). 

In reflecting on the company’s claims payment, Modilim emphasized that Zenith General Insurance was able to help many organisations recover from catastrophic events and return to business. Specifically, he noted that the N5 billion in claims paid out to these organizations likely prevented them from failing, and that the support provided by Zenith General Insurance was crucial in keeping them afloat during difficult times.

“Many times when I engaged those who said insurance companies are not paying claims to come forward with any claim they have that has not been paid, none of them have been able to do that. So, the public needs to know that insurance companies are paying claims,’’ Modilim said. 

The managing director highlighted the company’s willingness to collaborate with the Nigerian Association of Insurance and Pension Editors to drive insurance growth in the country. He applauded the organisation for launching programs aimed at promoting the insurance sector in Nigeria

“We are open for the partnership; the kind of partnership that is a win-win; partnership that will project Zenith General to the public, telling them what we are doing, especially, about our ability to pay claims. We are willing to work with you as long as it is a mutually beneficial partnership,” he added.

Modilim expressed his enthusiasm about NAIPE’s programmes to raise awareness of insurance, including claims profiling and testimonial reporting. He said these initiatives would have a significant impact on deepening insurance penetration, which is a key goal of the National Insurance Commission (NAICOM) and the insurance industry as a whole.

Speaking on behalf of the Nigerian Association of Insurance and Pension Editors its chairperson, Nkechi Naeche-Esezobor, described the organisation’s mission and accomplishments to date. She explained that the association was founded to unite insurance journalists and help them improve their reporting and writing on insurance-related topics.

Naeche-Esezobor noted that the association has been in operation for over 30 years, with 31 members who are insurance and pension editors at major national newspapers, radio stations, television stations, and online platforms. The goal of these members, she explained, is to raise awareness about the benefits of insurance and to encourage more people to take advantage of the products and services offered by the insurance industry.

“We are concerned about low insurance penetration in Nigeria and the poor perception of Nigerians about insurance and it is a known fact that NAIPE has been working tirelessly over the years to change this negative narrative,’’ she added.