Policyholders receive N5bn claims from Zenith General Insurance

By Motolani Oseni

Zenith General Insurance Limited has paid N5 billion claims to policyholders who suffered insured risks in the 2023 financial year-end.

The managing director and chief executive officer of the firm, Mr Jude Modilim, made the disclosure when the executive members of the Nigerian Association of Insurance and Pension Editors (NAIPE) paid a courtesy visit to the firm in Lagos recently.

According to him, “As an industry, we all pay claims. Last year, Zenith General paid about N5 billion as claims to so many organisations, thereby, helping them to return to business. These are organisations that ordinarily would have failed because of one catastrophe or the other.”

Assuring that insurance firms pay claims, he said: ”Many times when I engaged those who said insurance companies are not paying claims to come forward with any claim they have that has not been paid, none of them have been able to do that. So, the public needs to know that insurance companies are paying claims.”

Affirming the readiness of his company to partner with NAIPE in its insurance growth drive, he commended the group for introducing initiatives and embarking on programmes that are industry’s growth driven, noting that, this will go a long way in changing the industry’s narrative.

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“We are open for the partnership; the kind of partnership that is a win-win; partnership that will project Zenith General to the public, telling them what we are doing, especially, about our ability to pay claims. We are willing to work with you as long as it is a mutually beneficial partnership,” he stressed.

Saying he was impressed with some of NAIPE’s programmes designed to create insurance awareness, such as Claims Profiling, and Testimonials Reporting, he noted that, these initiatives will go a long way in deepening insurance penetration which the National Insurance Commission (NAICOM) and the entire industry is yearning for.

Earlier in her speech, the chairperson, NAIPE, who is also the publisher of BusinessTodayNG, Mrs. Nkechi Naeche-Esezobor, highlighted the rationale behind the establishment of NAIPE and what the association has done over the years to contribute to the growth of insurance industry.

According to her, NAIPE has been in existence for over 30 years working with 31 members who are insurance and pension editors in the major national newspapers, radio stations, television stations and online platforms to create awareness on the benefits of insurance.

To her, “We are concerned about low insurance penetration in Nigeria and the poor perception of Nigerians about insurance and it is a known fact that NAIPE has been working tirelessly over the years to change this negative narrative.”

She listed some of the products the Association is offering as part of its efforts to deepen insurance penetration in Nigeria to include: Products Profiling; Management Profiling; Claims Profiling; Quarterly CEO Forum, among others. She called on insurance companies to take advantage of the various products and initiatives put in place by NAIPE to enhance their performance.