AIICO Settled N47.3bn Claims In 2021

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AIICO InsuranceAIICO Insurance Plc said it paid N47.3bn claims to its claimants in the 2021 financial period. The firm said in a statement that it served different segments of society and was committed to timely claims settlement. It said, “In 2021, 70 percent of claims reported, about N33bn in total, were paid to individuals, with about 14 percent (N6.5bn) going to retirees who have lifetime contracts with the company.

“Claims to businesses across the spectrum made up 30 percent (N14bn) of total claims paid to customers. In total, the company paid N47.3bn in claims and benefits to customers, up 19.1 percent from N39.7bn paid in 2020.” The company recalled that it paid N29.1bn and N30.6bn in 2018 and 2019 respectively.

This, along with the growth in its overall financial position over the years, underscored its capacity to cater to the needs of existing and prospective customers, it said.

The Managing Director/Chief Executive Officer, Mr. Babatunde Fajemirokun, said, “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. Our customers trust us to be there for them and we will stop at nothing to continue holding our end of the deal.”



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