FBN General Insurance Settles N902m Claims

FBN General Insurance Limited, a subsidiary of FBN Insurance Limited, said it paid the sum of N902 million claims in 2018 against N861 million paid in 2017.

The chairman of the company, Gbenga Shobo, who gave this figure at the company’s annual general meeting (AGM) held in Lagos recently, disclosed that the firm’s cardinal focus among others is to pay claims promptly.

The company’s Gross Premium Written (GPW) for the year rose to N4.63 million, achieving a growth of 32 per cent from the corresponding performance of N3.51 billion achieved in 2017. He said the company’s profit before tax (PBT) also increased by 91 per cent to N615.6 million from N322.8 million posted in the preceding year.

During the period under review, the company grew its total assets by 31 per cent from N7.24 billion in 2017 to N9.45 billion in 2018, realising a significant improvement in capital efficiency just as it nurture robust liquidity and solvency margin above the required benchmark.

Also speaking on the future outlook of the company, the Managing Director/Chief Executive Officer, Bode Opadokun said: “While we anticipate an improved operating economy, one of our strategic initiatives for the year 2019 includes the implementation of our value added service, ClaimsAlert Service designed to provide a responsive service to all our esteemed Comprehensive Auto Insurance policyholders who have been involved in an accident within the Lagos metropolis where the service is currently active.”

The areas, according to him, include Eti-Osa, Lagos Island, Lagos Mainland, Surulere, Kosofe, Shomolu and Ikeja.

The company was recently certified a Great Place to Work in Africa for 2019 at the Great Place to Work Awards recently held in Lagos.

FBN General Insurance was acquired in 2014 by FBNInsurance Limited, an FBNHoldings Company associated with the Sanlam Group (SA) and was incorporated to transact general insurance business in Nigeria and the company is boost of strong workforce and robust brand network.