Leadway Assurance Leads Industry in Claims Payments with N67 Billion In 2023

By LOVETH AZODO, Lagos

Leadway Assurance Company Limited has once again demonstrated its industry dominance in claims payments, disbursing a record N67.1 billion in 2023.

This marks the eighth consecutive year the company has led the sector in settling claims, surpassing the N57.5 billion paid in 2022.

According to a statement signed by the company, the company’s journey of remarkable growth began in 2016 with claims payments of N23 billion, the highest by any insurer in Nigeria that year.

Leadway has consistently increased its payouts, reflecting its commitment to policyholders. Notable increases include N27.40 billion in 2017, N33.80 billion in 2018, and N38.40 billion in 2019.

Despite the global challenges posed by the COVID-19 pandemic, Leadway paid N43.5 billion in 2020, followed by N48 billion in 2021.

During the 52nd Annual General Meeting, Managing Director Mr. Gboyega Lesi highlighted the company’s consistent performance in claims payments as a cornerstone of its reputation.

“Our substantial and consistent claims payments have earned the trust and confidence of our policyholders, setting a benchmark in the industry,” Lesi stated.

He emphasized Leadway’s focus on operational efficiency, innovation, and enhancing customer experience as key drivers of its success.

Chairman of the Board of Directors, General (rtd) Martin Luther Agwai (CFR), expressed the company’s commitment to sustainable growth. “As market leaders, we are dedicated to reaching new customer segments and exploring innovative distribution channels,” he said.

Leadway’s ambitious strategy aims to cement its position as Nigeria’s dominant insurance provider, with a strong emphasis on customer-centricity, digital transformation, and business agility.