•Says firm’ll expand market share
By Henry Uche
Guinea Insurance Plc has reaffirmed its commitment to prompt settlement of claims in addition to improved service delivery to its policyholders and the insuring public in 2023.
Addressing insurance and pension journalists at the Quarterly CEO forum sponsored by Guinea Insurance Plc in Lagos, the Managing Director of the company, Mr. Ademola Abidogun, assured that its commitment to settle all genuine claims would not only be promptly but speedily.
Disclosing the company claims payment history,Abidogun said the company paid a total of N263 million in 2020; a total claims of N258 million in 2021 in claims, as well as N165 million in 2022. He further disclosed that the company will return to profitability terrain in 2023 as loss after tax has drastically reduced to N20 million in 2022 from N700 million recorded in 2020.
His words, “Guinea Insurance Plc has continued to make underwriting profit every year. If you look at how the loss after tax has reduced in the last three years, from N700 million to N200 million to N20 million, 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 committed to reduce expenses and increase turnover, increase topline and manage underwriting properly with proper reinsurance. We are also looking at businesses that we take and we make sure that we don’t just take any business.
“We are very optimistic and very deliberate in our analysis. We track expenses, track businesses that we do, we do a lot of analysis to ensure that we change the story. We have been paying claims promptly and will continue to do so going forward. What we want to do is to be more visible to the insuring public and meet all their insurance needs”
He revealed that the company’s staff has been the reasons for its outstanding performance stressing that its staff are outstanding, very competent and dependable.
“I commend the our staff for the good works they are doing. If the people are not there to do the work, if people are not connected to the mission of the board, there is nothing anybody could do and it will hamper the progress of the company.
“Right now, we believe that we will get to that height and we will continue to grow the business. We have been able to deliver value in terms of Corporate Social Responsibility (CSR) too to the community where our head office is located.” Going forward, we shall position ourselves so that everybody will be able to relate and do business with us,” he added.