IGI pays N1.2bn claims in eight months
Industrial And General Insurance (IGI) Plc has paid N1.2 billion as claims to its policyholders between January and August, 2016.
A statement from the firm and made available to Business247 Online News at the weekend said, claims paid out under general business amounted to N273.5 million, including N107.2 million which went to Oil and Gas insurance, N41million to Engineering and N56.5million to Motor insurance. Besides general business, the sum of N746.4 million was paid on Individual life insurance, while Group life claims totalled N157.2 million.
The company said the payment was in line with its resolve to settle all outstanding claims and obligations due to customers as quickly as possible.
“Our ongoing corporate transformation and restructuring makes prompt payment of claims inviolable. It is for this reason that, despite the current economic constraints, IGI will continue to pursue policies that gladden customers and strengthen public trust in the company,” the statement said.
In 2015, IGI paid a total of N2 billion as claims with the promise to sustain the effort in accordance with industry best practice.
The Managing Director, Mr. Rotimi Fashola, reiterated the company’s determination to achieve set targets, adding that, ‘The result so far is encouraging. We will continue to put the customer first in our bid to improve our market share.’
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