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Business News of Thursday, 30 December 2021


African Alliance pays N7.5bn claims in 2021

AFRICAN Alliance Insurance Plc AFRICAN Alliance Insurance Plc

AFRICAN Alliance Insurance Plc said it paid N475 million claims in December to its customers ahead of the yuletide season, noting that this was part of a larger N7.5 billion claims paid so far in the 2021 financial year.

The underwriter disclosed this in a statement made available by its Brand, Media and Communications Manager, Bankole Banjo.

Speaking on the company’s claims profile, its Managing Director/CEO, Joyce Ojemudia, reaffirmed the company’s commitment to satisfying her teeming policyholders.

“At African Alliance Insurance Plc, we are in the business of paying genuine claims as due. This is more important as the year rolls to an end with many uncertainties that may affect the festivities. For us, we have promised we will be with them for life, this is our ongoing fulfilment of that mantra,” she said.

Ojemudia restated the company’s long history of claims payment, while informing stakeholders that the firm has instituted a seamless claims process which included “fortifying the claims unit with agile and nimble claims experts enabled by technology to join the team on ground. This has resulted in a faster processing time for claims. As we end this year on a good note, we are reassuring our customers that we won’t renege on our commitment to paying claims as due.”

According to the year-to-date breakdown presented, the life insurer has paid N1.23 billion in individual life claims; N1.36 billion group life; N626 million Takaful; N25.2 million Esusu payouts as well as N4.35 billion in annuity payments.

Incorporated in 1960, African Alliance Insurance Plc is widely regarded as the strongest and most experienced life insurance specialist in these climes. Operating out of its headquarters in Lagos and 18 branches nationwide, the ISO certified firm recently demonstrated its ambitions in the retail space with the opening of two new branches to aid penetration.