Insurance World

Mutual Benefits Assurance Target June, 2020 To Recapitalize *Pays N21. 54 billion As Claims In FY19

*Hosts Customers To Dinner 

L-R: Akin Ogunbiyi, Group Chairman Mutual Benefits Assurance Group and MD/CEO Mutual Benefits Assurance Plc, Femi Asenuga, at the event.

NKECHI NAECHE-ESEZOBOR-Leading underwriting firm Mutual Benefits Assurance Group, on Thursday assured its investors that the company has set June, 2020 target to meet the recapitalization for both Life and general Insurance business. 


The group Chairman, Akin Ogunbiyi disclosed this when the company hosted its customers to a dinner at Sheraton Hotel and Towers in Lagos that the recapitalization of the industry has come to stay and the company has put all things in motion to achieve the June 2020 deadline target.


He said that they have been able to Recapitalized Mutual Benefits Niger; Mutual Benefits Liberia, Mutual Benefits Microfinance bank and believe that Mutual Benefits Life and General Insurance will not be left out to Recapitalized.


He however called on National Insurance Commission ((NAICOM), to focus more on enforcement, noting that enforcement will help to increase insurance awareness and increase penetration.
He explained that is not enough to increase capital base but the industry needs the commission to do more by ensuring enforcement is taken seriously.


On the company’s five years strategic plan set in 2017, he said they have achieved over 60 percent completion.


He however noted that the recapitalization process has hindered the plan but he however assured that the strategic plan will commence at the end of the recapitalization process. 


Poised to remain true to claims payment, the managing director/CEO Mutual Benefits Assurance Plc, Femi Asenuga, announced that the Company paid a total of N21.54billion in 2019.

He said the company is committed to prompt claims payment to policyholder, adding that the company has plans to grow both its top line and bottomline.

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