Emma Ujah, Abuja Bureau Chief

The Industrial and General Insurance (IGI) Plc paid out N1.8 billion in claims to policy holders in the 2024 Finance Year.

The Managing Director (MD) of the company, Mr. Akinlolu Akinyele, disclosed this at its combined 28th – 31st Annual General Meetings (AGMs), in Abuja, this morning.

According to him, the company was targeting even a larger claims payment in the current Financial Year, as according to him, claims payment remained the confidence building and what sustains the business of insurance.

According to the MD, “Our company paid N1.8 billion in claims last year and we are targeting even more claims in the current year than what we paid last year.  We are committed to the payment of claims.  This is the way to sustain this business.”

Responding to concerns raised by shareholders on the expected recapitalisation of the insurance industry, Mr. Akinyele that his team and board were always mindful of the company’s capital position and was working to ensure that it remained adequate capitalised.

According to him, share holdings of the directors of the company was testimony to their commitment to capital adequacy and that shareholders would also be encouraged to increase their shares whenever it was necessary to increase the capital.

“This business is guaranteed continuity,” he said, adding, “as we reform and consolidate, we will ensure that we run our company professionally and increase our market share of the industry, in the country and through our subsidiaries abroad.”

According to him, the management and the board of Directors of IGI would ensure the growth of its subsidiaries in The Gambia and Uganda, with a view to adding value to the company’s operations in the interest of the shareholders.

The MD addressed the concerns of shareholders who revealed that they were of IGI’s issues with the Nigerian Insurance Association.

According to Mr. Akinyele, told the shareholders that the company was back into the association.

His words, “IGI is back within the fold of NIA. The Chairman and the Board have made the efforts necessary to return the company to NIA.  We are back in the fold,” a comment that drew an applause from the shareholders.

In order to increase the company’s income, the MD promised to increase the company’s investment in properties, which was identified as a major lucrative sector in the country and other climes.

In his remarks, the Chairman HRM Ahmed Nuhu Bamali, told the shareholders that the Board under his chairmanship would work hard to shore up IGI’s stake in the nation’s insurance industry.

  He said that the Board would strengthen operational discipline amid rising operational costs and increasing claims activity, by placing strong emphasis on instilling financial discipline across business functions.