African Alliance Settles N25.7bn Claims To Policyholders In 3yrs

African Alliance Insurance Plc has settled N25.7 billion genuine claims to Policyholders who suffered insured risks in the last three years.

The claims were paid to individuals and corporates who filled their claims to the company within those years.

The company, it was learnt, has consistently increased claims payment by 17% year on year since 2020, with a total of N25.7 billion paid over three years.

In 2020, African Alliance paid over N7.1 billion in claims, which increased to N8.3 billion in 2021, and a whopping N9.7 billion in 2022.

The breakdown of 2022 shows N4.26 billion was paid to annuitants, N1.76 billion in Group Life claims, N1.84 billion in Individual Life claims, N714 million in Takaful payouts, and N1.1 billion in Esusu payouts.

The company continues to make remarkable progress, having successfully paid over N573 million in January 2023 YTD, demonstrating its reliability with evidence of excellence in claims settlement.

Reacting to this development, the managing director/CEO of African Alliance Insurance Plc, Mrs. Joyce Ojemudia, said: “we understand the importance of prompt claims settlement and we remain steadfast in our resolve to deliver on our promises to our valued clients.”

The company had earlier won ‘Claims Excellence Insurance Company of the Year 2022’ awarded by Banks and Financial Institutions (BAFI).