Guinea insurance settles N686m claims in 3 years

“We have been paying claims promptly and will continue to do so going forward, to enable us to be more visible to the insuring public and meet all their insurance needs,”

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Guinea Insurance Plc says it has paid N686 million worth of claims in three years.
Mr Ademola Abidogun, Managing Director of the company, said this at news conference held on Friday in Lagos.
The figures are N263 million in 2020, N258 million in 2021 and N165 million in 2022.
Abidogun said that the company is committed to the satisfaction of its customers and the insuring public with prompt settlement of claims and improved service delivery.
He noted that the company would continue to settle all genuine claims promptly and speedily.
“We have been paying claims promptly and will continue to do so going forward, to enable us to be more visible to the insuring public and meet all their insurance needs,” he said.
According to the managing director, the company is committed to reduce expenses, increase turnover, topline and manage underwriting properly with reinsurance.
“Guinea Insurance has continued to make underwriting profit every year and will return to profit terrain in 2023.
“Our loss after tax has drastically reduced to N20 million in 2022 from N700 million recorded in 2020.
“If you look at how the loss after tax had reduced in the last three years, you will discover that based on what we are doing now, we will make profit by the end of the 2023 financial year.
“We are also looking at businesses that we take and make sure that we do not just take any business. We are very optimistic and deliberate in our analysis,”  he said.
According to him, the insurance company has continued to track its expenses, businesses and does analysis to ensure that it changes its narrative.
Abidogun commended staff of the underwriting firm of being competent and dependable.
The managing director said, “Guinea insurance have been able to deliver value in terms of Corporate Service Relations (CRS) to the community where its head office is located.”
“It is important that we position ourselves so that everybody will be able to relate with us and do business with us.