AIICO Insurance Plc, has said that it paid a total of N47.3 billion claims to its customers in 2021.

The company said 70 per cent of the above total claims, about N33 billion was paid to individuals, with about 14 percent (N6.5   billion)  paid to   retirees   who   have   lifetime   contracts   with   the   company.

The company in a recent statement said claims paid to businesses across the spectrum made up 30 percent (N14 billion) of total claims paid to   customers during the period under review.

“In   total, the   company   paid N47.3   billion   in   claims   and   benefits    to customers, up by 19.1 per cent from  N39.7 billion   paid   in   2020.

In 2018, the company paid a total of N29.1 billion and N30.6 billion in 2019 “, said AIICO Managing Director, Mr Babatunde  Fajemirokun.

Continuing, he said, “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”.

He said  AIICO customers trusted the company to be there for them and that the company would stop at nothing to continue holding 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.

Speaking, one of the customers Mr.   Monday   Abah, recently   shared   his   experience   on   a   radio   interview   in   Lagos.   He signed up for one of AIICO’s Savings & Life Assurance Plans and got paid immediately at maturity.

He   stated,   “As   a   matter   of   fact,  before   they   called   me,   my   account   was credited; I just received the alert and then, a call came through to notify me. I am now planning to embark on a 15-year policy for my retirement”, he said.

AIICO   Insurance   is   a composite   insurer   in   Nigeria   with   a   record   of accomplishment of serving its clients that dates back over 50 years.