Leadway Assurance pays N67bn on claims in 2023

Leadway Assurance Company Limited has maintained its position as the industry leader in claims payments for the eighth consecutive year, paying out N67.1 billion in claims in 2023, as against N57.5 billion paid in 2022.

This journey began in 2016 with N23 billion in claims payments, the highest by any individual insurer that year. Each subsequent year has seen substantial growth, from N27.40 billion in 2017 to N33.80 billion in 2018, reflecting Leadway’s unwavering commitment to its policyholders, the company disclosed in a statement.

In 2019, claims payments rose to N38.40 billion, and despite the challenges of the COVID-19 pandemic in 2020, the company supported its policyholders with N43.5 billion demonstrating resilience and reliability. This continued with N48 billion in 2021 and N57.5 billion in 2022.

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Gboyega Lesi, managing director, Leadway Assurance at its 52nd Annual General Meeting (AGM), emphasized that Leadway’s substantial and consistent claims payments have earned the trust and confidence of policyholders, setting a benchmark in the industry. He highlighted the company’s focus on operational efficiency, innovation, and customer experience enhancement.

“We remain ambitious in our quest to be the dominant insurance company in Nigeria,” Lesi stated. “Our strategic focus on customer-centricity, digital transformation, and business agility will drive us forward.”

Martin Luther Agwai, chairman of the Board of Directors, added, “As leaders in our market, we are committed to sustainable growth by reaching new customer segments and exploring innovative distribution channels.”

Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability. The organisation is committed to bridging the financial protection gap and increasing insurance penetration in Nigeria.

The company extended its footprint to the West African markets with Leadway Vie Limited, a life insurance services provider, and Leadway IARD Limited, a general insurance services provider fully operational in Cote d’Ivoire.