Leadway Assurance Pays N27.4bn Claims, Grows Premium by 57%

Leadway Assurance Ltd, said it paid a total of N27.4 billion claims in 2017, showing an increase of 18.95per cent from the N23 billion paid by the company in 2016.

Disclosing this at its 46th annual general meeting held in Lagos recently, Leadway Assurance said as the largest insurer with balance sheet size of N272billion, it has continued to position itself to provide the best in class financial security to its varied customers from individuals to corporates to large commercial entities.

The company said its Gross Premium Income during the period increased by 57%, to N84.48 billion within the period under review. Addressing Shareholders at the meeting, the Company’s chairman, Gen. Martin Luther Agwai, said: “While the impact of the recovery of the economy remains mixed, we are optimistic that recovery from recession will continue as we navigate the issues and challenges that 2018 may bring. On our part, we are encouraged to leverage on our brand and strategic initiatives to increase insurance awareness, create risk products tailored to every segment of consumer needs delivering “happiness”, to rejuvenate insurance as a necessity.”

“We are improving our value proposition to our customers and committed to progressively eliminate waste of time spent on processes and alternatively focus on anticipated and appreciated value add to our customers to deliver unbeatable service delivery,” he further added.