Mutual Benefit Assurance Paid N34.54bn Claims in 2024

Ebere Nwoji

Mutual Benefits Assurance Plc, and its subsidiary, Mutual Benefits Life Assurance Limited., in the year 2024,  disbursed claims totaling N34.54 billion to their various policy holders.

The companies said this is demonstration of their commitment to  policy holders.

They  said this underscored their  unwavering commitment to financial security and customer satisfaction, despite rising economic challenges.

According to Mutual Benefit management, the claims paid in 2024 covered both General and Life Insurance, reflecting its ability to fulfill its obligations across various insurance segments. 

Giving a breakdown of the payment, the underwriting firm said claims paid on General Business stood at N12.24 billion, claims on the Oil & Gas sector which was the highest stood  at N2.54 billion. This it said is followed closely by Fire Insurance claims at N2.39 billion and Motor Insurance at N2.29 billion. General Accident claims amounted to N1.83 billion, while Marine Insurance payouts stood at N1.30 billion. The Aviation sector recorded claims of N1.70 billion, and Engineering Insurance claims reached N785 million, while Agric Insurance had the lowest non-life payout at N11 million.

On the Life Insurance side, Mutual Benefits Life Assurance Ltd. paid a total of N22.30 billion in claims. Group Life Claims led the segment with N7.93 billion, followed by Maturity Claims at N6.75 billion and Surrender Claims at N4.77 billion. 

According to the underwriting firm, other payouts  within the period included N1.42 billion for Individual Death Claims, N1 million for Partial Withdrawals, N279 million for Credit Life Claims, and N43 million for Annuity Claims.

Speaking the ,Mutual Benefits Assurance    Managing Director, Mr. Femi Asenuga, emphasised the company’s relentless focus on timely claims settlement, stating: “Through these substantial payouts, we continue to uphold our promise of prompt claims settlement, reinforcing the trust our policyholders place in us.”

Also speaking, the  a Managing Director, Mutual Benefit  Life Assurance, Mr. Biyi Ashiru-Mobolaji, highlighted the company’s commitment to efficiency and excellence. 

He said “Our priority has always been ensuring a seamless and speedy claims process. This achievement reflects our dedication to reliability and customer satisfaction. Mutual Benefits, a leading insurer in Nigeria and the West African sub-region, recently celebrated its 29th Year Thanksgiving Service in Lagos.”