FBNInsurance Settles N5.4bn Claims in 9 Months

By Adedapo Adesanya

One of the leading life insurance companies in Nigeria, FBNInsurance Limited, has paid out N5.4 billion claims settlements to its clients in the first nine months of 2019, Managing Director/Chief Executive Officer of the firm, Mr Val Ojumah, has disclosed.

This is 12.5 percent higher than the N4.8 billion claims paid by the insurer in 2018, despite the unpredictable economic situation in the country induced by the preparation for the 2019 general election at that time.

Mr Ojumah, in a statement, noted that the focus of the company was to maintain the indisputable leadership position in the life insurance sub-sector by paying claims promptly, while protecting interest of its various corporate and individual clients.

“Ours is a business of trust and as part of our efforts geared towards maintaining irrefutable leadership in the life insurance sub-sector, we have built a solid foundation where our clients can insure their trust by promptly paying their claims.

“We have also deepened our footprints across Nigeria in our quest to serving our customers and shareholders even better than we have done in previous years,” he said.

Mr Ojumah further reiterated that, “Customer satisfaction is the fulcrum of insurance business and this inevitably builds customer loyalty and we will not fail to ensure this.”

“We believe once FBNInsurance is able to pay customers’ claims as they arise, numerous customers and the general public will have faith to take up more life policies because they are convinced that should a claim/loss arise, FBNInsurance will be able to meet its financial obligations to them,” he added.

FBNInsurance is an FBNHoldings company associated with the Sanlam Group South Africa and was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of over 40 sales outlets and two branches nationwide.