Guinea Insurance pays N686m claims in three years

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The Managing Director, Guinea Insurance Plc, Mr Ademola Abidogun, has said the company paid about N686m claims in three years.

He said the company was committed to the satisfaction of customers and the insuring public with prompt settlement of claims as well as improved service delivery.

Abidogun spoke during the quarterly CEO forum for insurance and pension journalists which was sponsored by Guinea Insurance in Lagos.

“The company paid total claims of N263m in 2020; N258m in 2021, even as it paid total claims of N165m in 2022,” he said.

Abidogun also disclosed that the company would return to profit terrain in 2023 as loss after tax had drastically reduced to N20m in 2022 from N700m recorded in 2020.

He 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 N700m to N200m to N20m, 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 reducing 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.”

On the positive strides of the company, Abidogun noted that Guinea Insurance workers had been outstanding.

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.”

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