African Alliance Insurance raises capital base, show greater strength in claims payment

 African Alliance Insurance Plc said that it will continue to upgrade its processes and facilities towards emerging as one of the most reliable financial institutions in the country.

To this end, the company disclosed that it has injected a total of N14.4 billion into its business operation through asset conversion. The company said that the injection of fresh funds was in a bid to beef up its capital in line with directive of the National insurance Commission (NAICOM) demanding that insurance firms should raise their minimum share capital in a manner that their various operational capitals should define their risk appetite.

 The Managing Director/CEO African Alliance Mrs Joyce Ojemudia, who made the disclosure at the February edition of the Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening said following the development, the firms shareholders’ fund and asset base have increased significantly.

She assured that the firm has resolved to increase its market share by putting in place mechanisms to grow its premium.

Speaking further, Ojemudia announced the launch of a retail outlet at Abeokuta by the firm adding that the African Alliance is presently in Akure even as she urged brokers to patronise the firm. She equally disclosed the firms intention to move to the northern part of the country.

On claims, Ojemudia assured that that African Alliance settled claim worth N7.5 billion in 2021 while a total of N723 million in 2022.

“At African Alliance Insurance PLC, we are in the business of paying genuine claims as due.  For us, we have promised we will be with them for life, this is our ongoing fulfillment of that mantra,” Ojemudia said.

Earlier in his welcome address, the President NCRIB, Rotimi Edu regretted that insurance industry lose over N160 billion annually to fraudsters through fake motor insurance.

He lamented that apart from loss of revenue caused by the fraudsters, the image of the industry was at stake. Edu equally regretted that cases of unsettled claims recorded in the industry was as a results of the fraudulent activities .

He pledged the NCRIB partnership with the Vehicle Inspection Service (VIS) to ensure road worthiness among Nigerian drivers.