• Business - Companies
  • Updated: May 04, 2022

N16.1 Billion Claims Paid By FBN Insurance In 2021

N16.1 Billion Claims Paid By FBN Insurance In 2021

FBN Insurance Limited has said it paid N16.1bn claims to its customers in the 2021 financial period.

According to a statement by the Managing Director/Chief Executive Officer, FBN Insurance Limited, Val Ojumah, while speaking on the company’s claim profile, the company’s commitment to satisfying its clients is non-negotiable.

“At FBNInsurance Limited, we are in the business of paying genuine claims that are due.

"Our strategy remains to provide financial security for our clients and as always, we will not rest on our oars to exceed our customers’ and stakeholders’ expectations, because to us, the customer is king.

“Customer satisfaction is the fulcrum of insurance business, and this inevitably builds customer loyalty, and we will not fail to ensure this.

"We believe once FBN Insurance is able to pay customers’ claims as they arise, numerous customers and the general public will have faith to take up more life policies because they are convinced that should a claim/loss arise, FBNInsurance will be able to meet its financial obligations to them.”

According to the statement, N11.5bn claims in was paid by FBN Insurance in 2020 despite the challenging operating environment in the country, especially as the world continued to battle with the economic effect of the COVID-19 pandemic.

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