Guinea Insurance promises policyholders prompt claims settlement
The management of Guinea Insurance Plc has promised policyholders of the company prompt settlement of all genuine claims.
Managing Director of the company, . Ademola Abidogun, disclosed this to insurance and pension journalists at the Quarterly CEO forum sponsored by Guinea Insurance Plc in Lagos.
According to him, the claims payment history of Guinea Insurance, he said the company paid total claims of N263 million in 2020.
The company also paid total claims of N258 million in 2021, even as it paid total claims of N165 million in 2022.
Abidogun also disclosed that the company will return to profitability 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 not 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.”