By Rosemary Onuoha
African Alliance Insurance Plc said it has settled claims of N1.3 billion in two months from October till date.
Managing Director/Chief Executive Officer of African Alliance, Mrs. Joyce Ojemudia, disclosed this during a press interaction at the company’s office in Lagos, adding that the only way to make insurance products tangible is for underwriting firms to pay genuine claims promptly.
Giving a breakdown of its claims payment history from October till date, he said the company paid N220.5 million as claims for group life insurance; N1.03 billion for individual life including annuity, N2.3 million for Esusu, and N73.7 million paid as takaful claims.
Ojemudia said: “The products that we are selling in the insurance sector are intangible and the only way to make them tangible is to pay claims and pay promptly.”
According to her, insurance companies pay claims and it should be clear to the public that the sector exists to service their claims.
She said: “When you tell Nigerians to take up insurance, they always say that ‘God is my insurance’, but when we start sounding the message of claims payment very loud through the press, they will believe the press better.”
The African Alliance boss noted that the company is putting modalities in place to add more value to some of its products to soothe the coming year.
She added that “When some of these products were actually put in the market, COVID-19 was not around and nobody thought the impact of COVID-19 will be as big as this.
“So as soon as we put some products in the proper perspective that will soothe the 2021 business year, I am sure that we will start partnering with you to tell the public that we have products that will be of common interest to them.”
Also speaking, General Manager/Lead, Business Development, Mr. Steve Ajudua, said that there is potential of over a trillion naira income in the compulsory insurance products for the insurance industry and there is need for strict enforcement of that line of business.
He appealed to the media to assist the sector in propagating the benefits inherent in the compulsory insurance products, saying that it offers the industry a huge opportunity to increase insurance penetration as well as grow the economy.