Aiico Insurance Plc has said that the claims paid by the company in the first eight months of this financial year rose from N1.4 billion in 2010 to N2.44 billion in 2011 financial period.

In a statement, the company’s Managing Director, Mr. David Sobanjo said, Aiico will continue to give prompt response to all claims issues.

According to the statement, this year, over N1.19bn was paid as claims under general insurance business while the life Insurance business accounted for N1.25bn claims.

It added that the breakdown of the claims paid under general insurance business showed that N543m was paid on motor insurance, N212m was recorded on fire insurance, N19.8m on oil & energy, while N169m was paid on goods in transit class.

Fire and special perils claims amounted to N107. 9m, marine claims was N25m, while claims from Construction All Risks (CAR) amounted to N26m. Fidelity guarantee accounted for N53m and N59m was paid on workmen compensation, among others.

On life insurance business, N1.18bn was paid as death claim from group life insurance while the total claims paid from individual life insurance amounted to about N73.8m.

Sobanjo said that is determined to ensure that its customers get the full benefits of insurance services.

He said, “We recognise the fact that the only credible way we insurers can remain on top of our business is to pay claims as at when due. At Aiico Insurance Plc, our customers are our kings and are treated as such, especially when claims crystallise for payment.”

Sobanjo also disclosed that the company was being reengineered for better service and more innovative products which will better meet the needs of the insuring public and endear insurance to them.

While reiterating Aiico’s commitment to corporate social responsibility, he said, “We are committed to strengthening the fabric of communities in which we do business.”

He said that the company was confident that it was on the right path to sustainable growth in terms of its strategic posture and business focus.

“The decision to consolidate its operations it noted, will position the company to enhance shareholders returns,” Sobanjo said.