In the last nine months, FBN Insurance Limited has paid N11.4 billion in claims to policyholders who have suffered insured risks under their policies.
According to data released by the insurer yesterday, N11.4 billion in insurance compensation was paid between January and September 2021. This is a 39 per cent increase over the N8.2 billion paid in the same period in 2020.
Individual life insurance had the highest figure, totalling N5.3 billion, while annuities accounted for N3.5 billion, according to a further breakdown of the data. Other figures made public included N1.9 billion for group life insurance and N687 million for credit life insurance.
Mr Val Ojumah, managing director/chief executive officer of FBN Insurance Limited, commented on the development yesterday, saying that to protect the interests of both corporate and individual clients, the company has built a solid foundation where clients can ensure their trust by promptly paying their claims when the need arises.
“Ours is a business of trust and our strategy remains to provide financial security to our clients. We are keen to attain uncontested leadership status in the life insurance sub-sector as well as aggressively exceed our customers and shareholders’ expectations by paying their claims as and when due,” Ojumah stated.
Recall that, A statement released on Monday by the Managing Director/Chief Executive Officer, FBN General Insurance Limited, Bode Opadokun, revealed while presenting the company’s 2020 annual report to shareholders at the company’s annual general meeting in Lagos; it ended the year with a gross premium written of N8 billion, reflecting a nine per cent increase from N7.32 billion in 2019.
The company’s capital situation improved as total equity increased by 51% year on year to N8.8 billion from N5.82 billion in the previous financial year.
This, it said, was due to the company’s good commercial performance in 2020 and the infusion of the new capital of N1.048 billion, bringing the company’s paid-up capital to N 5 billion. The rapid increase in total equity, according to the insurer, reflects the purposeful actions it was taking to meet the National Insurance Commission’s minimum capital requirements.