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Five-Year Milestone: AIICO Insurance Surpasses ₦200bn in Claims, Benefits Payments

AIICO Insurance Plc, a leading composite insurer in Nigeria, has been acknowledged for its exceptional performance in prompt claims and benefits payment, surpassing N200 billion in settlements over the past five years.

This milestone reflects AIICO’s unwavering commitment to providing financial security and peace of mind to its policyholders.

A comprehensive review of AIICO’s claims and benefits settlements from 2019 to 2023 reveals that the company has consistently prioritised the timely disbursement of claims to both retail customers and corporate clients. The breakdown of the claims paid is as follows:

2019: N30.6 billion

2020: N31.6 billion

2021: N47.3 billion

2022: N44.9 billion

2023: N46.5 billion

AIICO’s robust claims management process and customer-centric approach have solidified its position as a trusted partner in safeguarding the financial well-being of individuals and businesses alike.

Mr. Babatunde Fajemirokun, Managing Director/CEO of AIICO Insurance Plc, emphasised the company’s dedication to customer satisfaction and service excellence.

He stated: “At AIICO Insurance, our customers are at the heart of everything we do. We exist to serve and protect them, ensuring that their genuine claims are settled swiftly and fairly. This five-year profile is a testament to our commitment to delivering on our promises and maintaining the trust that our customers place in us. We remain dedicated to continuously improving our processes and services to meet the evolving needs of our valued policyholders.”

AIICO Insurance Plc’s impressive track record in claims settlement underscores its core values of integrity, professionalism, and customer-centricity. The company understands that timely and fair claims payments are critical to customers’ financial security, especially during challenging times.

Mr. Fajemirokun further added: “AIICO Insurance Plc will continue to leverage advanced technology and innovative solutions to enhance its claims processing capabilities. Our goal is to provide an even more seamless and efficient experience for our customers, ensuring that they receive the support they need when it matters most.”

Founded in 1963, AIICO Insurance Plc has a 60-year record of delivering quality service to its clients. The company offers a comprehensive range of products including life and general insurance, health insurance, and investment management services, aimed at creating and protecting wealth for individuals, families, and corporate customers.


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