For over seven consecutive years, Leadway Assurance Company Limited set and maintained an industry record as the insurer with Nigeria’s largest claims payout year-on-year. During that time, the company paid Nigerians over 338 billion Naira to help them recover from financial losses.
Leadway’s action underscores its unwavering commitment to its obligations to not just policyholders but also the nation’s economy as a growth enabler, and affirming that insurance is a tool for loss recovery with claims payment significantly rescuing businesses, households, and individuals from considerable losses in assets and investments while creating wealth, protecting existing ones and overall, positively impacting Nigeria’s economic development.
In 2023 alone, the company paid an impressive N67.1 billion in claims, a leap from N57.5 billion in 2022. This continued growth highlights Leadway Assurance’s dedication to financial responsibility and its pivotal role in enhancing lives through its economic prowess.
This impressive milestone started in 2016 when Leadway Assurance set a record by paying N23 billion in claims— an unprecedented figure for any insurer that year. This achievement marked the start of a trajectory characterised by substantial annual increases, reflecting the company’s steadfast commitment to its customers and proactive approach to meeting their needs.
In 2017, Leadway Assurance’s claims payments surged to N27.40 billion, followed by N33.80 billion in 2018. This progressive growth exemplifies the company’s dedication to providing financial security and support to its clients. The upward trend continued in 2019, with claims payments reaching N38.40 billion. Even the unprecedented challenges posed by the COVID-19 pandemic in 2020 did not deter the company’s resolve; instead, it demonstrated remarkable resilience by paying N43.5 billion in claims to support its customers during those challenging times.
The company’s commitment to financial support and reliability remained steadfast, as evidenced by the increase to N48 billion in 2021 and the subsequent rise to N57.5 billion in 2022. These figures reflect Leadway Assurance’s operational excellence and role as a pillar of stability and trust in an ever-evolving economic landscape. Also, the continuous upward trajectory in claims payment earmarks the company’s innovative solutions at ensuring that claims payment are prompt and one with no hassles for all their customers.
This remarkable commitment to its claims obligations has greatly shaped how Nigerians experience the claims-payment process, remarkably shaping their opinion of insurance services in the country.
Layiwola Lawal, one of Leadway’s customers, stated: “One of the most impressive aspects of Leadway’s service is their prompt and fair claims settlement. During a challenging time when we had to file a claim, Leadway handled the situation with remarkable efficiency and empathy, making us feel supported and cared for”.
In 2023, when Femi Abraham Olawoyin’s vehicle was burnt, and he had to make a claim that ran into millions of Naira, “Leadway Assurance did not disappoint us, and our claim was paid promptly. No delay, no hassles”, he testified.
My former employer, Sacred Heart Primary School, Kaduna, introduced me to the company, and I have never regretted relating to it. Thomas Avadu revealed.
Thomas said that when strong winds damaged the perimeter walls of their school and a fire consumed their school vehicle, including his personal 6-month-old vehicle that was completely burnt down during the 2000 sectarian crisis, the Leadway Assurance team attended to the claims promptly. “These are just to mention a few benefits we have enjoyed associating with Leadway Assurance. Through my benefits from this insurance company, I have proved wrong to people who still have doubt, that insurance does work in Nigeria”, he added.
Gboyega Lesi, the Managing Director of Leadway Assurance, emphasised the significance of these corporate actions during the company’s 52nd Annual General Meeting (AGM). He highlighted that the company’s substantial and consistent claims payments had solidified its reputation and earned all Leadway Assurance’s stakeholders’ unwavering trust and confidence. “We remain ambitious in our quest to be the dominant insurance company in Nigeria,” Lesi remarked. “Our strategic focus on customer-centricity, digital transformation, and business agility will drive us forward.”
Lesi joins other distinguished leaders of this over fifty-year-old institution to pursue the actualisation of a vision that is not merely about maintaining its current position but about pushing the boundaries of innovation and operational efficiency. This ambition is reflected in the company’s ongoing efforts to enhance customer experiences through digital advancements and streamlined processes. By prioritising these areas, Leadway Assurance aims to set new standards in the industry and continue its leadership role.
Adding to this perspective, Gen. Martin Luther Agwai (Rtd), Chairman of the Board of Directors, reiterated the company’s commitment to sustainable growth and market leadership. “As leaders in our market, we are committed to sustainable growth by reaching new customer segments and exploring innovative distribution channels,” Agwai stated. His comments underscore Leadway Assurance’s proactive approach to expanding its reach and its dedication to adapting to changing market dynamics.
Beyond its exemplary claims payment track record, Leadway Assurance significantly contributes to closing the financial protection gap and enhancing insurance penetration throughout Nigeria. As a leader in the domestic market, the company is also pioneering regional expansion. Through its subsidiaries, Leadway Vie Limited and Leadway IARD Limited, Leadway has established a strong presence in West Africa, particularly in Côte d’Ivoire.
These expansions reflect Leadway Assurance’s commitment to delivering high-value insurance services and contributing to the region’s economic development.
Leadway Vie Limited focuses on providing life insurance services, while Leadway IARD Limited offers general insurance solutions. Both entities play a crucial role in providing comprehensive coverage options to a diverse clientele, reinforcing Leadway Assurance’s dedication to enhancing financial security and supporting the economic well-being of individuals and businesses alike even beyond the shores of Nigeria.
The company’s consistent performance and strategic initiatives highlight its pivotal role in shaping the insurance industry and driving economic growth. Leadway Assurance’s emphasis on prompt claims payment, customer satisfaction, and innovative solutions has reinforced its leadership position and positively impacted countless lives. By steadfastly focusing on its core values and embracing new growth opportunities, Leadway Assurance sets a high bar for excellence in the insurance sector.
In conclusion, Leadway Assurance’s track record of exceptional claims payments and its commitment to customer-centric practices underscore its influential role in both the insurance industry and the broader economy. Through its continued dedication to operational excellence, innovation, and regional expansion, Leadway Assurance is poised to maintain its leadership position and make a lasting impact on the lives of its customers and the communities it serves.
