AIICO Pays N200.9bn Claims in Five Years

Ebere Nwoji

AIICO Insurance Plc, has said it paid over N200 billion claims in five years to its various policy holders who filed different claims as a result of losses incurred.

With this the company said its stakeholders have acknowledged it for its exceptional performance in prompt claims and benefits payments.

A statement from the company’s management said this milestone reflects AIICO’s unwavering commitment to providing financial security and peace of mind to its policyholders.

“A comprehensive review of AIICO’s claims and benefits settlements from 2019 to 2023 reveals that the company has consistently prioritised the timely disbursement of claims to both retail customers and corporate clients,” said AIICO’s Managing Director/ Chief Executive Officer, Babatunde Fajemirokun.

He highlighted the breakdown of the claims paid saying in 2019, AIICO paid a total of N30.6 billion. In 2020, it paid N31.6 billion while in 2021, the underwriting firm paid N47.3 billion 

In 2022 it paid N44.9 billion while in 2023, it paid N46.5 billion, bringing the total claims paid by the underwriting giant in five years to N200.9 billion.

Fajemirokun said AIICO’s robust claims management process and customer-centric approach have solidified its position as a trusted partner in safeguarding the financial well-being of individuals and businesses alike.

He insisted that the company was dedicated to customer satisfaction and service excellence. 

“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 said.