FIN Insurance Pays N1.2bn Claims As Gross Premium Hits N5.82bn

FIN Insurance Company Limited has paid N1.2billion claims on insured risks of its policyholders in 2023 even as its gross premium written (GPW) rose from N3.4 billion in 2022 to N5.82 billion in 2023 financial year end.

Similarly, its total assets was N21.2bn, even as its Shareholders Fund was N15.3 billion with Profit Before Tax amounting to N7biliion in 2023 while its solvency margin was N12.5billion.

Speaking at the first bi-monthly members evening of 2024 of the Nigerian Council of Registered Insurance Brokers (NCRIB) sponsored by FIN Insurance, its managing director/CEO, Bashir Binji, affirmed that the company prioritise claims settlement as well as good customer service delivery which stands the insurer out.

Promising participation on insurance placements, he added that the firm is planning to increase proportion on existing transactions, enhance information sharing, joint marketing in areas of interest as well as embark on social engagements.

Emphasising on growing partnership with brokers, he vowed to develop specialty products to support brokers, continues to assign individual responsibility and develop relationship and marketing plans for brokers, while providing risk management support to brokers and their clients.

There is going to be further improvement within our technical and technology teams to continuously improve our capacity to serve our partners, he said.

Stressing that the insurance landscape is continually evolving, influenced by technological advancements, regulatory changes, and shifts in consumer expectations, these, he pointed out, are a testament to resilience and adaptability that the brokerage community continues to thrive in this ever-changing environment.

“At FIN Insurance, we recognise the integral role you play in bridging the gap between insurers and clients. Your insights, relationships, and commitment to understanding the unique needs of your clients contribute significantly to the success of our industry.

As we navigate this complex landscape, collaboration becomes paramount. Our success as an industry is interwoven with the success of each individual broker. It’s about working together to innovate, to respond to emerging risks, and to embrace new opportunities,” he pointed out.

Earlier, the president, NCRIB, Mr. Babatunde Oguntade had said, following the wake of the recent economic challenges bedevilling the country,, he urged the federal government and all other relevant agencies to rise up to the challenge of tackling the issue of food scarcity.

“One of the factors responsible for food scarcity, aside from the continuous rise in foreign exchanges, influence of hoarders and unscrupulous elements within the system, is the issue of insecurity, particularly the indiscriminate killings of our farmers.

“This made it impossible for them to produce enough farm products to care for the nation. It is on this premise that our Council join other well-meaning Nigerians to appeal to the federal government and the Nigerian Service Chiefs to, as a matter of urgency, look into the issue of insecurity and doggedly pursue its avowed commitment towards re-establishment of forest rangers and of course, state policing.”