Mutual Benefits Assurance Policyholders Receive N34.5bn Claims In 2024

Policyholders who suffered insured risks in 2024 financial year received N34.5billion claims from Mutual Benefits Assurance Plc and its subsidiary, Mutual Benefits Life Assurance Ltd.

This significant payout underscores the company’s unwavering commitment to financial security and customer satisfaction, despite rising economic challenges.

The claims paid in 2024 covered both General and Life Insurance, reflecting Mutual Benefits’ ability to fulfill its obligations across various insurance segments. General Insurance claims totaled N12.24 billion, with the Oil & Gas sector recording the highest payout of N2.54 billion, followed closely by Fire Insurance claims at N2.39 billion and Motor Insurance at N2.29 billion.

General Accident claims amounted to N1.83 billion, while Marine Insurance payouts stood at N1.30 billion. The Aviation sector recorded claims of N1.70 billion, and Engineering Insurance claims reached N785 million, while Agric Insurance had the lowest non-life payout at N11 million.

On the Life Insurance side, Mutual Benefits Life Assurance Ltd paid N22.30 billion in claims. Group Life Claims led the segment with N7.93 billion, followed by Maturity Claims at N6.75 billion and Surrender Claims at N4.77 billion. Other payouts included N1.42 billion for Individual Death Claims, N1 million for Partial Withdrawals, N279 million for Credit Life Claims, and N43 million for Annuity Claims.

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Speaking on this milestone, the MD/CEO of Mutual Benefits Assurance Plc, Femi Asenuga, emphasised the company’s relentless focus on timely claims settlement, stating that, ‘Through these substantial payouts, we continue to uphold our promise of prompt claims settlement, reinforcing the trust our policyholders place in us.’

Echoing this sentiment,the MD/CEO of Mutual Benefits Life Assurance Ltd., Biyi Ashiru-Mobolaji highlighted the company’s commitment to efficiency and excellence, noting that, “Our priority has always been ensuring a seamless and speedy claims process.

This achievement reflects our dedication to reliability and customer satisfaction.”