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Q3’19: FBN Insurance pays N5.4bn claims in 9mths

Insurance, IICCBy Cynthia Alo

FBN Insurance Limited said it paid N5.4 billion claims settlements to its clients in the nine months ended September 2019.

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The company said it had paid N4.8 billion claims in the corresponding period  of 2018 despite the unpredictable economic situation in the country occasioned by the preparation for the general election at that time.

In a statement, Managing Director and Chief Executive Officer of the company, Mr. Val Ojumah said that the focus of the company is to maintain the indisputable leadership position in the life insurance sub-sector by paying claims promptly and at the same time protect the interest of its various corporate and individual clients.

According to him, “Ours is a business of trust and as part of our efforts geared towards maintaining irrefutable leadership in the life insurance sub-sector, we have built a solid foundation where our clients can insure their trust by promptly paying their claims. We have also deepened our footprints across Nigeria in our quest to serving our customers and shareholders even better than we have done in previous years.”

He stated further, “Customer satisfaction is the fulcrum of insurance business and this inevitably builds customer loyalty and we will not fail to ensure this. We believe once FBN Insurance is able to pay customers’ claims as they arise, numerous customers and the general public will have faith to take up more life policies because they are convinced that should a claim/loss arise, FBN Insurance will be able to meet its financial obligations to them”

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FBN Insurance is an FBN  Holdings company associated with the Sanlam Group SA and was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of over 40 sales outlets and two branches nationwide.

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