African Alliance Insurance pays N780m to annuitants

The interim management/board of African Alliance Insurance has paid about N780m to annuitants.

This was disclosed in a statement made available to The PUNCH on Tuesday.

In October, the National Insurance Commission sacked the board and management of African Alliance Insurance Company.

Announcing the sack at the commission’s Lagos office, the Commissioner for Insurance, Olusegun Omosehin, said that the action was taken to protect the confidence of the customers.

According to the new management, annuitants with genuine claims are being paid.

Speaking on this development, the Managing Director/Chief Executive of African Alliance, Jacob Erhabor, affirmed the company’s dedication to fulfilling its contractual obligations.

“We are taking deliberate steps to ensure that all genuine claims are paid promptly in the new dispensation” This marks the beginning of a new era for the African Alliance. We understand the importance of trust in the insurance industry and we are fully committed to rebuilding confidence among our stakeholders. ”African Alliance will be great again,” Erhabor said.

The interim management/board said this initiative is part of a broader strategic plan to stabilise the company, strengthen its financial position, and enhance operational efficiency.

He added that the management was implementing robust measures to verify and authenticate reported claims to ensure that only genuine claims are settled by the company.

Policyholders and other stakeholders are encouraged to remain confident in the brand as the new management and board work tirelessly to restore the African Alliance to its rightful place of prominence and reliability in the Nigerian insurance ecosystem.