Leadway Assurance Policyholders Receive N67bn Claims In 2023

Policyholders of Leadway Assurance Company Limited who suffered insured risks in 2023 financial year received N67.1 billion claims as compensation.

This N67.1 billion claims paid was a significant increase from the N57.5 billion paid in 2022.
This remarkable journey began in 2016 with N23 billion in claims payments, the highest by any individual insurer that year. Each subsequent year has seen substantial growth, from N27.40 billion in 2017 to N33.80 billion in 2018, reflecting Leadway’s unwavering commitment to its policyholders.

In 2019, claims payments rose to N38.40 billion, showcasing Leadway’s ongoing dedication to excellence. Despite the challenges of the COVID-19 pandemic in 2020, the company supported its policyholders with N43.5 billion in claims, demonstrating resilience and reliability. The unprecedented and sustained trend continued with N48 billion in 2021 and an impressive N57.5 billion in 2022.

Speaking at the 52nd Annual General Meeting (AGM) of the firm, managing director, Gboyega Lesi emphasised that Leadway’s substantial and consistent claims payments have earned the trust and confidence of policyholders, setting a benchmark in the industry. He highlighted the company’s focus on operational efficiency, innovation, and customer experience enhancement.

We remain ambitious in our quest to be the dominant insurance company in Nigeria. Our strategic focus on customer-centricity, digital transformation, and business agility will drive us forward, he said.

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Its chairman, Martin Luther Agwai added that, ‘as leaders in our market, we are committed to sustainable growth by reaching new customer segments and exploring innovative distribution channels.’