‘COVID 19 Changed Face of Annuity Business in Nigeria’

Ebere Nwoji

The Managing Director and Chief Executive Officer, AIICO Insurance Plc, Mr. Babatunde Fajemirokun has said that the outbreak of COID19 pandemic has changed the face of annuity business in Nigeria adding that events during the COVID 19 pandemic opened people’s eyes, inspired them to save through annuity plan.

Fajemirokun stated this at the 3rd Edition of AIICO Annual Media Training 

organised for members of the National Association of Insurance and Pension Correspondents (NAIPCO), in Lagos.

He said since after the COVID, number of those who willingly buy annuity almost doubled because of their experience during the COVID lock down.

He said those who were at the fore from of positive attitude towards the annuity plan purchases were proprietors of private schools, owners of hotels, fast foods, restaurants and cinema houses.

These people according to him suffered luck down more than others during the COVID period.

Fajemirokun, who was represented by the Head, Strategic Marketing and Communications, Mr. Segun Olalandu, said AIICO Insurance was doing everything possible to deepen annuity business in order to take advantage of its inherent opportunities.

He said AIICO Insurance was commitment to providing a robust annuity service that meets customers’ expectations as well as drives the growth of insurance in the country.

The AIICO Insurance boss, who described annuity business as a game changer for everybody, noted that the insurer is committed to a robust and effective annuity service.

Speaking on the training tagged, “Understanding Annuity Business,” Senior Manager, Business Development, AIICO Insurance, Mr. Victor Owotorose, stressed the importance and benefits of annuity to the clients and the growth of insurance industry.

Annuities, he stressed, were insurance contracts that promise to pay you regular income immediately or in the future.