Home Insurance Niger Insurance pays N1.4b claims in 9 months

Niger Insurance pays N1.4b claims in 9 months

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Niger Insurance CEO

Niger Insurance Plc has  paid over N1.4 billion claims to customers in  nine months, the new Managing Director, Mr Edwin Igbiti, has said.

Igbiti, who made this known during a media briefing in Lagos, said efforts were in top gear to settle all outstanding benefits soon.

He disclosed that the delay in the payment of the outstanding claims was due to the company’s large asset portfolio, which was skewed toward fixed assets.

He, however, assured the audience that the company’s assets are more than sufficient to settle all its liabilities and that it has made significant progress towards liquidating some fixed assets to unlock cash and pay down all outstanding obligations soon.

He appreciated the company’s customers for their patience, trust and understanding during the company’s challenging period and reaffirmed its renewed sense of responsibility and commitment to excellence.

He said Niger Insurance in its 57 years of existence has delivered good customer service through prompt claims payment for 55 years.

He believes the goodwill of the company will reposition it to surmount all challenges before it.

He added that the company’s shareholders had at the 49th annual general meeting approved its recapitalisation plan to meet the new regulatory capital requirements through an equity capital raise via rights issue and/or private placement; and a business combination by way of merger or acquisition, which must all be completed by 30 June, 2020.

He said: “Designed to reposition this well-known company for service excellence and competitiveness in a rapidly changing operating landscape, the company’s transformation blueprint over the next five years, between 2020 and 2024 focuses on operational and technological advancements in delivering bespoke Insurance solutions to businesses, institutions and the growing populace of Nigeria. The implementation of the transformation plan already began in the fourth quarter of 2019 following my appointment as MD.

“The need for Niger transformation is underscored by a combination of market and regulatory changes.

The Nation

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