Monday, July 8, 2013
Mutual Benefits Assurance Plc has said that it paid a total of N3.9bn to claimants in the 2012 financial period.
In a statement on Friday, the firm said N1.13bn was paid on non-life insurance business; while N2.8bn was paid on the life arm.
A breakdown of the non life figures
revealed that N518.9m was paid on motor insurance; N430m on accident
insurance; N45.97m on marine insurance; and N37.58m was paid on fire
insurance.
The firm said it paid N6.53m claims on bonds, while N99.56m was paid on special risks.
The Group Managing Director, Mutual
Benefits, Mr. Akin Ogunbiyi, said firm was in business to ensure that it
settled claims promptly to give relief to its policyholder when they
suffered losses.
“At Mutual Benefits, we are concerned
about our customers and we will always continue to fulfil our
obligations by responding to their claims timely,” he said.
Ogunbiyi also reiterated that Mutual
Benefits Assurance remained a strong, well capitalised and profitable
leading brand in the Nigerian insurance industry.
The Mutual Benefits boss said the company would continue to create wealth and value for its stakeholders.
He also reiterated the firm’s commitment to the development of retail insurance in the industry.
Ogunbiyi added that retail insurance
policies would help to alleviate the sufferings of the low income
earners and add value to them.
“We are out to ensure that insurance is
available on the table of everybody in the country, we know the
significance of insurance and what it can actually do for the national
economy,” he said.
According to him, this segment of the market has become a major source of growth for the firm in the last few years.
He stressed the need for operators to
pay more attention to the development of retail insurance, just as
corporate businesses had been receiving attention from the industry.
