Cornerstone Insurance paid N4.5bn claims in 2022

Cornerstone Insurance Plc has paid a total N4.5 billion genuine claims in 2022, Mr Ganiyu Musa, the Group Managing Director/CEO of the company has said.

He disclosed this in Abuja during an interactive session with insurance brokers. He also said Cornerstone Insurance has never defaulted on genuine claims.

“We have never defaulted in our claims and other obligations. For claims that are valid, we haven’t delayed for a day to pay. We are lucky we have a healthy and liquid balance sheet that enables us to settle our claims as at when due,” he stated.

“The N4.5 billion claims we have paid is just for the 2022 financial year,” he stated further.

Speaking on rate cutting in the industry he said, “As an industry we have deviated from the basics of our profession. We have all collectively driven insurance rates to levels that are not sustainable while we are suffering.

“Profitability in the industry is below par comparable to what you have in the other arms of the financial services sector.”