AIICO Insurance surpasses N200bn in claims payments

AIICO Insurance Plc has surpassed N200bn in claims and benefits settlements over the past five years.

A review of AIICO’s claims and benefits settlements from 2019 to 2023 indicated that within the five years, the firm paid about N200.9bn with the highest payout made in 2021 (N47.3bn), followed by 2023, when it paid out N46.5bn.

In 2019, the insurance firm paid N30.6bn. Its claims payment increased to N31.6bn in 2020 and it paid N44.9bn as claims in 2022.

Speaking on the trend in a statement on Wednesday, the Managing Director/Chief Executive Officer, Babatunde Fajemirokun, said, “At AIICO Insurance, our customers are at the heart of everything we do. We exist to serve and protect them, ensuring that their genuine claims are settled swiftly and fairly. This five-year profile is a testament to our commitment to delivering on our promises and maintaining the trust that our customers place in us. We remain dedicated to continuously improving our processes and services to meet the evolving needs of our valued policyholders.”

He added that the firm would continue to leverage advanced technology and innovative solutions to enhance its claim processing capabilities.

“Our goal is to provide an even more seamless and efficient experience for our customers, ensuring that they receive the support they need when it matters most,” he added.

AIICO Insurance was founded in 1963 and offers a range of products, including life and general insurance, health insurance, and investment management services, aimed at creating and protecting wealth for individuals, families, and corporate customers.

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