Great Nigeria Insurance Pays N501.6m Claims in Q1

Great Nigeria Insurance Plc (GNI) said it paid a total of N501.6 million claims in the first quarter of this year.

Great Nigeria Insurance spokesperson and corporate communications/brand manager, Oyinkansola Sobande, in a statement on the total claims so far paid by the company this year, stated that claims experienced so far have been very alarming, a situation she attributed to the downturn in the economy. According to her, “every insured wants to claim at every given opportunity which impacted the company’s claims figure since the occurrence of the pandemic.”

Giving the breakdown of claims paid by the company in the first quarter of 2021, she said Group Life Insurance had the highest figure of N422 million while General Insurance business totalled N79 million.

According to Oyinkasola, under the Non-Life business: Fire ranked first with total claims figure of N32.2 million while General Accident was N25.8 million.

“The total sum of N12 million was paid as claims on Motor Insurance; Engineering gulped N6.7 million; Oil and Gas Insurance claims stood at N1.1 million with Marine Insurance closing the figures with N0.96 million.”

Commenting on the development, GNI Managing Director/CEO, Mrs. Cecilia Osipitan, said there was no compromise to claims settlement in Great Nigeria Insurance.

According to him, the major focus of the company is to ensure that its customers get to enjoy the benefits of taking out any form of insurance policy with the company through prompt settlement of their claims when the need arises.

“That to us, is the only way to prove that we are well and alive to our responsibilities as an Underwriting Firm in the country. We intend to uphold this obligation and we will continually strive to make good our promise at all times to delight our esteemed customers,” she added.