• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Wednesday, March 29, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

African Alliance Open Claims Valve Registers N7.59bn Paid In 2021, Adopts Mixed Recapitalisation Plans

Staff Reporter by Staff Reporter
February 24, 2022
in Insurance
0 0
0
African Alliance Open Claims Valve Registers N7.59bn Paid In 2021, Adopts Mixed Recapitalisation Plans
0
SHARES
43
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

“It is paramount to every insurer to pay claims as this is fundamental to our existence as a business. This principle is taken as a responsibility in our company and has inspired us to continually pay claims year in year out.”

This was the establishing statement of the managing director, African Alliance Insurance, Mrs Joyce Ojemudia (pictured) at the Members Evening event hosted by the company at the Nigerian Council of Registered Insurance Brokers in Lagos today while profiling the claims payment in 2021 which she described as fundamental.

Ojemudia told the unusual gathering of brokers with the rear presence of four past presidents of NCRIB who honoured their invite, that claims paid in 2021 business year exceeded N7.59bn, “a substantial bulk of which were for annuity claims and the group life.” Demonstrating that its a match of its corporate obligation and unbroken policy she declares; “This shows an increase of over N590 million in claims payment in the prior year. As earlier stated, this is a clear confirmation of our unchanging commitment to paying genuine claims.”

A breakdown of the claims paid showed that annuity topped with N4.34bn followed by group life N1.35bn and coming after was individual category with N1.23bn. The remaining two are N626.48 million for Takaful and N25.17 million for esusu.

Now comes the claims paid for January 2022, and Ojemudia said “we have paid a total of N723 million in claims.” Leading is annuity, N368.78 million followed by individual life, N137.96 million, Takaful N28 million, while the respective figures for group life and esusu rested at N81.89 million and N7.3 million.

African Alliance CEO said the claims payment demonstrated strong reinsurance treaties, she comments, “Our claims efforts have been helped by strong reinsurance treaties with top reinsurers as our partners.”

On recapitalisation plans, she said, “The company injected about N14.4bn through assets conversion as at December 2020, this has indeed improved our shareholders fund considerably and increased our asset base.

“Furthermore, the company will be increasing its capital base through right issues targeted at significant shareholders in addition to getting new investors to buy into the company,” she cleared.

To get all options open, she said business combination would be activated “is our last resort in the event that the above plans are not adequate.”

On market expansion and product development she said the company is moving on all flanks, expanding into untapped regions with good prospects for life insurance and upgrading the dimensions of existing products like Esusu plus to have both a year-long plan as well as a two-year option, a direct response to customers yearnings and also, innovative term assurance which she said has “excited the market with its short-term focus and value addition.” On top of this is “Our self-service platform policy platform specifically for brokers as it concerns our term assurance product is up and running. We have also commissioned the deign of a new core business application which comes with a wealth of benefits.”

Previous Post

EndSARS Claims Payment Reflect Underwriting And Loss Adjusting Considerations

Next Post

Exchanging Police CPS For Moribund DBS Will Reinstate Unsustainable Pension Funding- PenCom

Staff Reporter

Staff Reporter

Related Posts

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert
Insurance

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn
Insurance

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023
Insurance

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
Next Post
Pension: Pandemic Flips The Future With Apps For Better Services

Exchanging Police CPS For Moribund DBS Will Reinstate Unsustainable Pension Funding- PenCom

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

7227
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

6813
Allianz Claims Survey Shows Changing Claims Patterns

Internal Failures, Major Cause Of Cyber Claims

5467
Anchor MD Loses Father

Anchor MD Loses Father

1575
As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

1571
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Leads With ISO/IEC Re-certification

1001
NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

967
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

398
National Assembly Principal Officers Set To Strip Staff Of CPS Without Consent

PenOp Rails Against National Assembly Secret Bill To Exempt Own Workers From CPS

357
Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

338
Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023

Recent News

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In