Leadway Assurance pays N33.8b on claims in 2018
Nigeria’s foremost insurer, Leadway Assurance Company Limited recently held its 47th Annual General Meeting (AGM) in Lagos, where the company presented its 2018 Financial Year results to its shareholders and stakeholders.
Among key announcements made at the Annual General Meeting was an increase in Claims paid from N27.4billion in 2017 to N33.8billion in 2018. The company said it also recorded a 15 percent growth in its Assets Base withn312.7billion recorded in 2018 as againstn271.9billion in 2017 in addition to a 4 percent increase in Gross Written Premium (GWP) from N84.1billion in 2017 to N87.5billion in 2018.
Speaking during the company’s AGM, Hassan Odukale, managing director /CEO, who observed that Leadway has continued to lead other industry players in the area of claims payment, restated the company’s commitment to prompt claims payment as the cornerstone of its business principle, revealing that the company has paid claims in
excess of N110 billion over the last five years.
In his words, “The value we have created over the years is embedded in the loyalty and commitment of the greatest number to keep Leadway as a legacy for several generations. We are sincerely grateful to our treasured customers, brokers, agents and other stakeholders who have objectively trusted in the liquidity advantage and unmatched conservative risk reserves we hold as a yardstick for placing certain risks with us. We are equally grateful to them for the testimonial campaign which attests to us as the insurer to beat in claims payment.”
On the future outlook of the company, Martin Luther Agwai, chairman, Board of Directors said Leadway’s operation in 2019 and beyond would be driven by the strategy of using digitization and creativity to harness unexploited and prompt means of selling insurance as a contingency benefit to its target market while also strategically deepening the penetration of insurance to smallholder farmers in every community through the instrumentality of Area Yield Index Crop insurance and creating insurance awareness in the rural communities.
He noted further that with Leadway Vie (a Leadway subsidiary domiciled in Abidjan, Cote D’ivoire), the company had settled its presence in West Africa, beyond Nigeria, and was moving up the ladder to joggle the market and inscribe Leadway Vie as an enviable company within Cote D’ivoire.
“On our part, we will not rest on our oars and will intensify our corporate strategy to identify the needs, behavior and culture of our potential customers with an attentive ear to market-feedback and create products to address and protect the underlying risks the populace are susceptible to.
Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability. The organization is committed to bridging the financial protection gap and increasing the rate of insurance penetration in Nigeria.