AIICO Insurance Plc paid N6.3 billion claims to its clients between January and December 2012. This amount represents an increase of N2.2 billion over the N4.1 billion claims paid by the company during the corresponding period of year 2011.
Making this disclosure in Lagos, the Managing Director of AIICO, David Sobanjo said that the company’s focus is the prompt settlement of all genuine insurance claims and this will continue to be the business philosophy of the company in years ahead.
He explained that a total claim of N4.003 billion was paid from the life aspect of the business, while N2.393 billion was paid as claims from general insurance business.
Giving a further breakdown of the various amounts paid in the different insurance classes, Sobanjo said a total of N950.7 million was paid on fire insurance policies, while N681.1 million was paid out on motor insurance policies, and construction all risks insurance policies accounted for N44.9 million claims.
The insurance firm also paid N34 million on group personal accident insurance, while Burglary Insurance accounted for N28 million, and N42.6 million was paid on Fidelity Guarantee Insurance.
Other classes of insurance with claims payments include goods in transit insurance with N143.8 million paid out as claims, workmen compensation insurance with N113.9 million claims, while N164.8 million was paid on Oil & Energy Insurance policies during the period and a total of N49.6 million was paid on marine insurance policies.
According to the AIICO boss, the insurance company is always conscious of the need to ensure that its customers are satisfied at all times believing that it is the only way to build customer loyalty.
He said once AIICO is able to pay customers claims as they arise, more and more customers and the general public will have faith to take out insurance policies on their lives and properties because they are convinced that should a claim arise, the company will be able to meet its financial obligations to its clients.
He added that the payment of these claims has shown that AIICO Insurance is more than capable of meeting its various claims demands, especially as the insurance firm has never been found wanting whenever the need to pay claims arises.
Sobanjo emphasised that the company’s determination to always meet and surpass the expectation of its customers informed its decision to call on members of the insuring public, who have unclaimed benefits with the organisation to come and claim their benefits.
The insurance firm explained that its decision to pay benefits that are due to policyholders or their dependants but have not been claimed is in keeping faith with its brand promise to make the customers enjoy the full benefits of insurance services.
Sobanjo further urged every AIICO customer, who has met claims settlement criteria to present the policy number and name of the policyholder with a corresponding means of identification.
After commencing operations in the country 50 years ago, Sobanjo said AIICO had three times in the past carried out a similar exercise informing members of the insuring public, who were yet to claim their benefits from the organisation to do so accordingly.
He also assured that anyone who comes forward with the required documents would be issued claims cheque within 48 hours, adding that in case the affected policyholders are dead, dependants of such deceased persons can come forward to claim the benefits.