African Alliance Insurance pays N40bn claims in 4years

The African Alliance Insurance Plc on Thursday said it paid N40 billion as claims between 2019 and 2023.

Mrs Joyce Ojemudia, Managing Director of the insurance company, revealed this at a news conference in Lagos.

Ojemudia said that the payment, which spanned across diverse business units, indicated that N5.1 billion was paid for Group life claims, N7.5 billion for Individual life, Esusu gulped N3.4 billion, N2.8 billion for Takaful and N21.4 billion for Annuity.

She said the insurer also built on the momentum recorded in the last four years to proactively disburse not less that N1.1 billion in claims within the initial 58days of this year.

According to her, African Alliance remained committed to swiftly and professionally settling of all valid claims to ensure enduring happiness and satisfaction for its customers.

According to the managing director stated that the underwriter is presently charting a course to improve the lives of both its shareholders and customers.

“Having won the “2022 claims insurance company of the year award”, African Alliance continues to be a beacon of reliability and dedication in the life assurance landscape.

“The underwriter has embarked on ongoing strategic initiatives aimed at propelling the insurance company to the forefront of the life assurance business in Nigeria.

“These initiatives aim to secure a larger market share for the firm, while upholding the utmost standards of integrity and placing customer satisfaction at the forefront,” she said.

African Alliance is a life insurance company in Nigeria operating for over 63 years and offering a combination of protection in terms of assurance, group life, savings and investment products, among others.