How A&G Insurance is exploiting clients in Aba
... clients urge NAICOM to investigate firm
Harold Nwosu, a professor and lecturer in one of the country’s universities, bought an education insurance policy for his daughter, Chidumebi Nwosu, from the Aba branch office of A&G Insurance plc, to save money to fund her university education.
He also bought two additional policies for his younger children, Harold Jnr and Chinonso Nwosu, from the same Aba office of A&G Insurance.
Nwosu was optimistic that the insurance firm would not fail him, and so, was prompt in the payment of his premium for the policies.
He however was disappointed when his first daughter Chidumebi secured admission into the university in 2017, which coincided with the maturity of the policy and the insurance company failed to pay.
Like the Nwosu’s, Oluchi Amadi’s parents bought a policy in her name with the hope of leaving something for her. They are both dead and Oluchi needs the money to take care of herself. Oluchi Amadi’s policy number is 83601994.
Others affected by this issue are Constance Mazi-Izuogu with policy number 83502424. She lost her means of livelihood and depends on this money to pay her children’s school fees. Apata Johnson with policy number-83703281 is currently living with stroke. Raymond M. Muojindu, policy number- 86022591 is currently Paralysed, Chukwuma B. Asiegbu, policy number-83703480, lost his job with Shell Oil Company and needs this money to take care of himself and family.
Others are Emeka Unaegbu with policy number – 86023794. Unaegbu lost his job with Chevron Oil Company, Anthony Erhabour with policy number – 86022727. This is a death claim and his widowed wife is in a critical condition. Sebastian Ezeonyia with policy number -86023591.
Felicia T Okoh with policy number – 86023067, lost her job with Shell Oil Company. John C. Iloetonma with policy number-86015702. Oluchi Amadi with policy number-83601994 and Presence C. Uzoatu with policy number-83501834 are also affected.
Not only had the management of A&G Insurance Plc failed to pay the claims, they have also failed to give reasons, why they have defaulted in paying the claims.
And so, Nwosu, like many other A&G Insurance clients in Aba, have been waiting for about two years now, without response from the firm’s management.
“I thought our insurance industry has changed. I never knew that we are still living in the past, when Insurance companies failed to pay claims. That was why so many Nigerian’s refused to buy insurance, Nwosu observed.
“What we are experiencing now, is an indication that the reforms in the insurance industry are cosmetic and not real. These people are swindling Nigerians and we must take them to court to recover our funds”.
He wondered why A&G Insurance plc, which is not paying claims, is busy collecting premium from unsuspecting Nigerians and urged the National Insurance Commission (NAICOM) to investigate the firm and correct the anomalies in the system.
“If they are bankrupt, they should wind down, instead of swindling the public”.
BusinessDay checks revealed that A&G Insurance Plc is currently, the official insurer for Abia State Autoreg- vehicle insurance policies.
Nigeria's leading finance and market intelligence news report. Also home to expert opinion and commentary on politics, sports, lifestyle, and more