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Allianz Nigeria Insurance pays N1.8 billion claims Q1

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Allianz Nigeria Insurance Plc, a local operating entity of the global insurance Company Allianz, one of the leading integrated financial services providers worldwide, has displayed resilience in its business strategy in spite of the impacts of the Covid 19 pandemic in the global and Nigerian economy.

The Company in the first quarter of 2020 recorded a claims pay-out of 1.8 billion naira to its customers, which is over a 130 percent increase from N800 million the amount paid out the same period in 2019.

On a related note, the Company also in the first quarter of 2020, reported a Gross Written Premium (GWP) of N4.2 billion which is a 47 percent increase when compared to the 2.9 billion naira in GWP recorded during the same period in 2019. The Company has so far recorded an investment income of N301 million despite the fall in investment and treasury bill rates.

Owolabi Salami, the chief operating officer(COO) of the Company said the success attained so far can be attributed to the tenacity and bravery of the people who work in the organization, adding that he was proud to see how fast his people adapted and rose to the challenge in these unprecedented times.

He further stated that, “the Company will remain unwavering to deliver on its promise of paying claims despite the present economic downturn”.

Earlier this year, the Company launched a nationwide campaign to settle motor claims within 60 minutes, and to date scores of claims has been settled within the stipulated time.

It is clear that Allianz Nigeria Insurance Plc is at the forefront of revolutionizing the insurance industry especially in the area of satisfying customers’ needs. Recording these achievements in a time of extreme decline in sales and corresponding decline in profits, they have scaled through Q1 with promising results all keeping their promise to serve their customers.

The Allianz Group is one of the world’s leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 764 billion euros on behalf of its insurance customers.

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