Finance

FBN insurance pays policyholders N11.4b claims

FirstBank changes names of UK, Africa subsidiaries

FBN Insurance Limited has paid N11.4 billion claims to its policyholders who suffered insured risks on their policies in the last nine months.

Data released by the insurer yesterday showed that the N11.4 billion insurance compensation was paid between January and September 2021. This represents a 39 percentage increase when compared to N8.2 billion paid in the same period in 2020.

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A further breakdown of the data showed that individual life insurance had the highest figure totalling N5.3 billion while annuity accounted for N3.5 billion.

Other figures released showed N1.9 billion for group life insurance and N687 million for credit life insurance.

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Speaking on the development yesterday, the managing director/chief executive officer of FBN Insurance Limited, Mr. Val Ojumah, said 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,” Ojumah stated.

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