AIICO Pays N8.6bn Claims; Pledges More Commitment

AIICO Insurance plc, in keeping to its commitment of prompt claims payment, has disclosed that, from January 2010 to December 2011, the company paid out a total of N8.6 billion as claims, in the different segments of its operations.
Making this disclosure, Mr. David Sobanjo, the company’s Managing Director stated that the company ‘recognises the fact that the only credible way we insurers can remain on top of our business, is to pay claims as at when due.’
He added that at AIICO Insurance, have a great premium on its customers, which they recognise as kings, especially when it comes to claims payment.
Sobanjo broke the figures down as follows; Out of the total claims, over N3.1 billion claims was paid out in the General Insurance business, while the Life Insurance business consumed N5.5 billion claims.
Also, N1.2 billion claims was paid out under the motor insurance, leaving fire insurance to take N657 million, while N98 million went to the oil and energy. N335 million claims were equally paid out under goods in transit business.
In addition, N168 million was paid out under the marine insurance while N40 million claims went to the construction all risks, (CAR). Fidelity guarantee accounted for N98 million claims, while N148 million was paid on workmen’s compensation.
Sobanjo further explained that death claims, arising from the Group life insurance business gulped about N1.22 billion in 2010, while N1.9 billion was paid in 2011. On the other hand, claims in the individual life insurance amounted to about N1.4 billion in 2011.