AIICO Pays N1.7bn Claims


AIICO Insurance Plc said it paid a total of N1.7 billion claims within the first 21 days of the COVID-19 lockdown in two states and the FCT that was announced by President Muhammadu Buhari last month. The company in a statement to this effect said the above payment covered claims, benefits, loans, and maturity payments.

AIICO Executive Director, Retail Business, Mr. Sola Ajayi, said within the first three weeks of the lockdown, the company, paid N907 million in life insurance benefits to 1,441 individual customers and over N480 million to 10,275 Annuitants on its life annuity plan.

“For us, commitment is an act, not a word. These are extraordinary times, and we have evolved; we keep producing great results. This is part of the AIICO culture, and it has accounted for our high customer retention rate, we are poised to do even more,” Ajayi stated.

Also speaking, Executive Director, Corporate Business Division of AIICO, Mr. Adewale Kadri, said despite the lock down, the company remained operational, adding that because of the lockdown, the company is accepting discounted premium from clients as palliatives to its loyal customers during this trying period.

“We deliver insurance certificates including policy documents within minutes. Over 250 valued brokers have had their claims of over N300 million settled within 48 hours. Our online real-time platform has delighted all our brokers in this regard, and we receive compliments almost daily on our service delivery,” he added.

AIICO Managing Director, Mr. Babatunde Fajemirokun, noted that the daily volume of transactions done by the company was a proof that its investment in infrastructure for business continuity was worth every penny and built for the long term.