FBN Insurance Strives To Maintain Trust, Settles N11.4 billion Claims in 9 Months

By LOVETH AZODO, Lagos

FBN Insurance Limited said it has settled N11.4 billion claims of its policyholders as at the end of third quarter 2021.

The underwriting firm made the disclosure in a statement by its management adding that the settlement of claims was in a bid to continue maintaining its position as irrefutable leader in the life insurance segment in the insurance sector

According to the data made available by the insurer, the sum of N11.4 billion was paid out between January and September 2021, which represents a 39% increase when compared to N8.2 billion paid in the same period in 2020.

Further breakdown showed that Individual Life insurance had the highest figure totalling N5.3 billion, while Annuity accounted for N3.5 billion.

Other figures released were N1.9 billion for Group Life insurance, and N687 million for Credit Life insurance.

Making this disclosure in Lagos, the Managing Director/Chief Executive Officer of FBN Insurance Limited, Mr. Val Ojumah, stated that in a bid to protect the interest of both corporate and individual clients, the company has built a solid foundation where clients can insure 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,” Mr. Ojumah stated.

Recall that FBN Insurance Limited paid a total sum of N14.4 billion claims in the year 2020 despite the unfavourable economic situation occasioned by the COVID-19 pandemic.

FBN Insurance Limited is a life insurance business in Nigeria that currently operates out of over 60 sales outlets and two branches. FBN Insurance Limited is a member of the Sanlam Group of South Africa.