Guinea Insurance Plc says its obligation to settlement of claims remains its customers exclusive attachment that guarantees satisfaction for them when risk insured happens and this the company stated is prompt.
Managing Director of the company, Mr. Ademola Abidogun, who disclosed this to insurance and pension journalists at the CEO Forum it sponsored said the company’s claims payment history is unbroken obligation noting that in 2020 the company paid total claims of N263 million in 2020. The claim data for the following year 2021 was N258 million, and it closed at N165 million in 2022.
Abidogun also disclosed that the company will return to profit space 2023 after unbroken string of losses that has been dropping annually from N700 million in 2020 to a little above N20 million in expected 2022 result.
Guinea Insurance helmsman has a confidence of a hard impenetrable hardcore that the grip of the previous years losses has hit the dead end and is term limited. despite the early assertion of what to expect at the end of the year, Abidogun said the assertion is empirical and the company returns to profit space by the end of this year.
However while the losses stayed the underwriting profit has remained unbroken, he speaks, “Guinea Insurance Plc has continued to make underwriting profit every year. If you look at how the loss after tax has reduced in the last three years, from N700 million to N200 million to N20 million, you will discover that based on what we are doing now, we will make profit by the end of the 2023 financial year.
“We are committed to reduce expenses and increase turnover, increase topline and manage underwriting properly with proper reinsurance. We are also looking at businesses that we take and we make sure that we don’t just take any business. We are very optimistic and very deliberate in our analysis. We track expenses, track businesses that we do , we do a lot of analysis to ensure that we change the story.
“We have been paying claims promptly and will continue to do so going forward. What we want to do is to be more visible to the insuring public and meet all their insurance needs.”
He said the commitment of staff has remained unalloyed, “And the way we are going now, we believe that we will get to that height and we will continue to grow the business and able to deliver uninterrupted value.
Abidogun said the company takes its community in its stride and has been committed to the community development and build its business without interruption.
Going forward, Abidogun noted that “It is very important that we position ourselves so that everybody will be able to relate with us and do business with us.”