Guinea Insurance pays N686m claims in three years

Mr Ademola Abidogun, Managing Director of Guinea Insurance Plc, stated that the company paid approximately N686 million in claims over a three-year period.

He stated that the company was dedicated to providing customers and the insurance public with prompt claim settlement and improved service delivery.

Abidogun spoke at Guinea Insurance's quarterly CEO forum for insurance and pension journalists, which was held in Lagos.

"The company paid total claims of N263 million in 2020, N258 million in 2021, and N165 million in 2022," he said.

Abidogun also stated that the company would return to profit in 2023 after reducing its loss after tax to N20m in 2022 from N700m in 2020.

"Guinea Insurance Plc has continued to make underwriting profit every year," he said. If you look at how the loss after tax has decreased over the last three years, from N700m to N200m to N20m, you will see that if we continue as we are, we will be profitable by the end of the 2023 fiscal year.

"We are committed to reducing expenses and increase turnover, increase topline and manage underwriting properly with proper reinsurance. We also examine the businesses we accept and make certain that we do not accept just any business.

"In our analysis, we are both optimistic and deliberate. We track expenses, business ventures, and conduct extensive analysis to ensure that we change the story."

Abidogun praised Guinea Insurance employees for their contributions to the company's success.

"I will also commend the staff for the good work they are doing," he said. There is nothing anyone can do if the people are not there to do the work, if people are not connected to the board's mission, and the company's progress will be hampered.

"And the way things are going now, we believe we'll get there and continue to grow the business."

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