Leadway Assurance pays N67bn claims in 2023

Leadway Assurance Company Ltd. has disbursed N67.1 billion in claims for the year ended Dec. 31, 2023, indicating 16.7 per cent increase from N57.5 billion paid in 2022.

Mr Gboyega Lesi, Managing Director of the insurance company, said this in a statement made available to newsmen on Monday in Lagos.

Lesi said that the record showed that the insurer maintained its position as the industry leader in claims payments for the eighth consecutive year.

He explained that the remarkable journey began for the underwriter in 2016 with N23 billion in claims payments, which was the highest paid by an insurer that year.

According to him, 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,” he said.

The managing director noted that Leadway’s substantial and consistent claims payments had earned the trust and confidence of policyholders, setting a benchmark in the industry.

Lesi highlighted the company’s focus on operational efficiency, innovation, and customer experience enhancement.

He said: “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.

Also, Retired Gen. Martin Luther Agwai, Chairman, Board of Directors of Leadway, said the underwriting firm was committed to sustainable growth by reaching new customer segments and exploring innovative distribution channels.

Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and is committed to bridging the financial protection gap and increasing insurance penetration in Nigeria.