BY NKECHI NAECHE-ESEZOBOR–Committed to prompt claims payment, Nigeria’s underwriter Industrial And General Insurance Plc (IGI) has settled a total of N848.5 million to its policyholders, signalling another major stride in the company’s effort to restore growth and public confidence in the organisation.
A statement issued by the company in Lagos at the weekend, the amount represents the cumulative sum which was paid out to various categories of claimants between January and December 2021.
Giving the the breakdown, the insurer said within the period, claims paid on individual life insurance totalled N583.6 million, the sum of N80.5 million went for group life, while N184.4 million was paid on general business.
The company used the opportunity to l reassured customers of its commitment to meeting all obligations, stressing that its ongoing transformation strategy was yielding results.
“With the requisite approval of the Board of Directors and the National Insurance Commission (NAICOM), we are restructuring our illiquid assets and taking other pragmatic steps to restore IGI for the benefit of all stakeholders.
“We are driving this transformation with dynamism and fortitude. There are challenges, but they are being tackled decisively with encouraging progress. The company is therefore confident of a great future.”
Reaffirming IGI’s commitment to excellent service delivery and industry best practice, the statement said the company would remain a responsible insurer, delighting customers with its new corporate values of integrity, excellence and responsiveness.”
