Zenith General Pays N5bn Claims In 2023 …Partners NAIPE To Grow Insurance

Zenith General Insurance Limited  has disclosed that it paid over five billion naira as claims in 2023 just as it has declared readiness to partner with the Nigerian Association of Insurance and Pension Editors (NAIPE) to move the Nigerian insurance industry to the next level.

Speaking during a courtesy visit by the executive members of NAIPE to the management of Zenith General Insurance recently, the Managing Director and Chief Executive Officer of the firm, Mr. Jude Modilim, affirmed his Company’s readiness to work with NAIPE to drive insurance growth in Nigeria.

The MD also commended NAIPE for introducing initiatives and embarking on programmes that are industry’s growth driven, noting that this will go a long way in changing the industry’s narrative.

“We are open for the partnership; the kind of partnership that is a win-win; partnership that will project Zenith General to the public, telling them what we are doing, especially about our ability to pay claims. We are willing to work with you as long as it is a mutually beneficial partnership.

“I am actually very impressed with some of your programmes designed to create insurance awareness such as Claims Profiling, and Testimonials Reporting. These are very good, and it will go a long way in deepening insurance penetration which the National Insurance Commission (NAICOM) and the entire industry is yearning for.

“As an industry, we all pay claims. Last year Zenith General paid about N5 billion as claims to so many organisations thereby helping them to return to business – Organisation that ordinarily would have failed because of one catastrophe or the other.

“Many times when I engaged those who said insurance companies are not paying claims to come forward with any claim they have that has not been paid, none of them have been able to do that, so the public needs to know that insurance Companies are paying claims. What you guys are doing will make people to know that insurance works, Mr. Modilim said.

Earlier in her speech, the Chairperson, NAIPE, who is also the publisher of BusinessToday, Mrs Nkechi Naeche-Esezobor, highlighted the rationale behind the establishment of NAIPE and what the Association has done over the years to contribute to the growth of insurance industry.

According to her, NAIPE has been in existence for 30 years working with 31 members who are insurance and pension editors in the major national newspapers, radio stations, television stations and online platforms to create awareness on the benefits of insurance.

“We are concerned about low insurance penetration in Nigeria and the poor perception of Nigerians about insurance and it is a known fact that NAIPE has been working tirelessly over the years to change this negative narrative.

She listed some of the products the Association is offering as part of its efforts to deepen insurance growth in Nigeria to include Products Profiling; Management Profiling; Claims Profiling; Quarterly CEO Forum and Sponsorship of NAIPE AGM.

She called on insurance companies to take advantage of the various products and initiatives put in place by NAIPE to enhance their performance.