August 5, 2020

Allianz Nigeria pays out N1.8 billion in claims

Allianz Nigeria pays out N1.8 billion in claims

Allianz Nigeria Insurance Plc has paid claims totalling N1.8 billion in the first quarter, Quarter one of 2020.

The figure represents a 130 per cent increase from N800 million paid out the same period in 2019.

Allianz Nigeria which is a local operating entity of the global insurance company Allianz also reported a Gross Written Premium (GWP) of N4.2 billion in the period under review, a 47 per cent increase from N2.9 billion recorded during the same period in 2019.

The Company said it has so far recorded an investment income of N301 million despite the fall in investment and treasury bill rates.

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Speaking on the development, Chief Operating Officer of the company, Owolabi Salami, said the success attained so far can be attributed to the tenacity and bravery of the people who work in the organization, adding that he was proud to see how fast his people adapted and rose to the challenge in these unprecedented times.

Salami said: “the Company will remain unwavering to deliver on its promise of paying claims despite the present economic downturn.

“Earlier this year, the Company launched a nationwide campaign to settle motor claims within 60minutes, and to date scores of claims has been settled within the stipulated time.

“It is clear that Allianz Nigeria is at the forefront of revolutionizing the insurance industry especially in the area of satisfying customers’ needs. Recording these achievements in  a time of extreme decline in sales and a corresponding decline in profits, we have scaled through Q1 with promising results all keeping promise to serve customers.”