FBN Insurance settles N11.4bn claims

FBN Insurance Limited has said it paid out N11.4billion claims to its clients between January and September 2021.

It said in a statement on Sunday that the claims paid during the period rose by 39 per cent when compared to the N8.2billion paid in the same period in 2020.

The breakdown showed that individual life insurance had the highest figure of N5.3billion, while annuity accounted for N3.5billion.

It added that N1.9billion was paid on group life insurance, and N687million on credit life insurance.

The Managing Director/Chief Executive Officer, FBN Insurance Limited, Mr. Val Ojumah, said to protect the interest of both corporate and individual clients, the company had built a solid foundation where clients could 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 subsector as well as aggressively exceed our customers and shareholders’ expectations by paying their claims as and when due,” he said.

The insurance company noted that it paid a total sum of N14.4billion claims in 2020, despite the unfavourable economic situation occasioned by the COVID-19 pandemic.