The management of African Alliance Insurance Plc has released performance score-card of the 62 year-old life insurer at the meeting of brokers in Lagos reaffirming it’s commitment to all stakeholders.
The Managing Director/CEO, Mrs Joyce Ojemudia, disclosed at the Membership Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) that the company in 2021 financial year paid claims of more than N7.59 million to customers, a substantial bulk of the amount went for annuity claims and group life. This shows an increase of over N590 million in claims payment of the previous year.
For instance, a break-down of the figures of claims by product line – the company paid N81.89 million on group life; individual life took N137.96 million; Takaful N128 million; Esusu N7.3 million and Annuity gulp N368.78 million.
Besides, the firm paid N723.96 million as claims to policyholders in January 2022.
She said ,”it is paramount for every insurer to pay claims as this is fundamental to our existence as a business. This principle is taken as a responsibility in our company and has inspired us to continually pay claims promptly which is demonstrated in the billions we have paid in claims year in year out.”
On recapitalisation plans, she said the company injected about N14.4B through assets conversion as at December 2020, this she said has indeed improved its shareholders fund considerably and increased our asset base.
She added that the company will be increasing its capital base through right issues targeted at significant shareholders in addition to getting new investors to buy into the company.
On market expansion, she said: “the key strategic goal in 2021 was to grow our premium income via deliberate market expansion into untapped regions with good prospects for life insurance. To that effect, we have launched the retail marketing expansion strategy which led to the opening of offices in Abeokuta and Akure. In 2022, we are moving northwards as we look to reestablish presence in Ilorin and Jos as well as other prospective locations.”
The President of the NCRIB, Rotimi Edu, in his remarks said your tenacity and unflinching support has continued to be our source of encouragement. I like to assure you that we are committed to building an institution that upcoming generation would be proud of. May I seize this opportunity to urge all members to be part of this dream of bequeathing a befitting industry that the next generation will be proud of.
I like to reiterate that this leadership team is committed to the development of our noble profession. We are not stopping until all stones are turned. At the inception of this administration, I did identify “Brokers’ Centrism” as the cardinal thrust of my leadership. I like to reiterate that we will pursue this vigorously, with God on our side.
I need not bother you on most of our modest landmark achievements within this period which had been eloquently presented at the last Breakfast Seminar with the President, but I need to stress that no leader is sustained without the followers. It is on this note that I crave more of your cooperation, suggestions and participation. Together we shall continue to stand.
We have endeavored to make our events most resourceful and educative. I am most delighted to inform you that before the end of this event, we will be learning more on recent developments in vehicle inspection sector. We have in our midst, the representative of Lagos State Vehicle Inspection Service, Ojodu Berger, Lagos, Engineer David Olufemi Famuyide, MNSE, MNIMechE.
Our choice of this topic and VIS is certainly hinged on the relevance of this sector to our insurance business and our daily living, especially, in Lagos State. It was recently reported that Nigeria Insurance Industry loses over N160 billion yearly to fake motor insurance racketeer. It is however, disheartening to note that an industry which had been contributing less than one per cent to the gross domestic product, in spite of its huge potentials, loses such whopping amount of money to fake vendors who contribute nothing to the growth of the nation.
Some of these fake racketeers have their offices in some local government secretariat across the nation, carrying out their unethical acts unabated. Aside from loss of revenue and premium, that should accrue to the industry, these criminals create for us bad image. Most of the unattended claims in Motor Insurance are victims of fake certificates. It is saddened to note that most motorists go about their daily businesses with certificate of moribund and deformed insurance companies, just because there is no proper enforcement. Some of these insurance policies flying around Local Government are just putting money into people’s pocket.
I am certainly aware that the Nigerian Insurers Association deployed technology to curb proliferation of fake certificates. But I am of the opinion that enforcement is still at low ebb. May I use this medium to appeal to Government to wade into the situation and curb the perpetrators. Also, my plea goes to Vehicle Inspection Service (VIS) to see this as a clarion call. Your organization can as well increase your enforcement strategies to include Insurance Certificate in such a way that any motorist without genuine Motor Insurance Certificate should be made to face sanctions as stipulated in the law.
Our economy continues to drag because we are not paying attention to the issue of insurance. At the appropriate time, Engineer Famuyide would be called to address this audience. I would like to encourage you all to take the full advantage of this educative and informative session about Vehicle Inspection Services and ask relevant questions. Let me use this medium to profoundly appreciate African Alliance Insurance Plc team for its unrelenting determination to further deepen relationship with Registered Insurance Brokers, as evidenced by the resolve to host this landmark edition of NCRIB Members’ Evening.
Also, I like to congratulate Mrs. Joyce Ojemudia for numerous achievements recorded since her appointment as the Managing Director of this progressive firm. I have no doubt today that African Alliance Insurance Plc has again, etched its name in the golden book of Registered Insurance Brokers in Nigeria.