L-R: Chinenye Nwankwo, Company Secretary, Yinka Adebiyi, Group Lead, Marketing, Pius Edobor, Executive Director, Finance & Accounts, Nkechi Naeche-Esezobor, NAIPE Chairperson – Publisher & Editor at BusinessToday, Ademola Abidogun, Managing Director, Adesokan Adebowale, Team Lead, Underwriting. Damilare Bakare, Team Lead, ICT during the CEO forum held yesterday in Lagos.
BY NKECHI NAECHE-ESEZOBOR–Guinea Insurance Plc, one of Nigeria’s olderst insurer, said it has paid a total of N698million as claims to policyholders between 2020 to 2022.
The company disclosed this to insurance and pension Editors at the Quarterly CEO forum sponsored by the company in Lagos.
While disclosing the claims payment history of Guinea Insurance, Abidogun said that the company paid total claims of total of N263million in 2020, N258million in 2021 and N165million in 2022 respectively.
The Managing Director of the company, Mr. Ademola Abidogun, noted that the company is committed to the satisfaction of customers and the insuring public with prompt settlement of claims as well as improved service delivery.
According to him the company will continue to settle all genuine claims promptly and speedily.
Abidogun also disclosed that the company will return to profit terrain in 2023 as loss after tax has drastically reduced to N20 million in 2022 from N700 million recorded in 2020.
Abidogun said: “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.”
On the positive strides of the company, Abidogun noted that Guinea Insurance staff has been outstanding even as he commended them for being very competent and dependable.
He said: “I will also commend the staff for the good work they are doing. If the people are not there to do the work, if people are not connected to the mission of the board, there is nothing anybody can do and it will hamper the progress of the company.
“And the way we are going now, we believe that we will get to that height and we will continue to grow the business. We have been able to deliver value in terms of CSR too to the community where our head office is located.”
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.”
