IGI pays N3bn as claims in 20 months

Industrial And General Insurance Plc (IGI) has disbursed a whopping N3.2 billion between January 2015 and August 2016 as payments for claims to its policyholders. Of this amount, N1.2 billion was paid in the months of January to August this year.

A statement by the company at the weekend said the claims paid out this year under General business amounted to N273,596,208, of which N107,274,559 went to Oil and Gas insurance, N41,020,733 on Marine and N56,538,639 on Motor insurance. The sum of N746,425,878 was paid on Individual life insurance, while Group life claims totalled N157,282,533.

Mr. Rotimi Fashola, Group Managing Director, said the payment was in line with the company’s resolve to settle all outstanding claims and obligations due to customers as quickly as possible.

“Our ongoing corporate transformation and restructuring makes prompt payment of claims inviolable. It is for this reason that, despite the current economic constraints, IGI will continue to pursue policies that gladden customers and strengthen public trust in the company,” he said.

In 2015, IGI paid a total of N2 billion as claims with the promise to sustain the effort. Fashola reassured that all pending claims would be paid, adding: “The result so far is encouraging. We will continue to put the customer first in our bid to improve our market share.”