Leadway Assurance pays N67bn claims in 2023, reaffirms policyholder commitment 

Cynthia Ezekwe

Leadway Assurance Company Limited has reported an impressive growth in claims payouts to policyholders affected by insured risks during the 2023 financial year, with a 17.17 percent increase from N57.5 billion in 2022 to N67.1 billion.

Gboyega Lesi, the managing director of Leadway Assurance, underlined the company’s commitment to policyholders at the 52nd Annual General Meeting, emphasising their stellar claims payments which have earned the trust of customers and set the bar high in the industry.

Lesi attributed these achievements to Leadway’s focus on operational efficiency, continuous innovation, and an unrelenting pursuit of an exceptional customer experience.

“We remain ambitious in our quest to be the dominant insurance company in Nigeria. Our strategic focus on customer-centricity, digital transformation, and business agility will drive us forward,’’ the Leadway MD said.

Martin Luther Agwai, chairman, board of directors, added: “As leaders in our market, we are committed to sustainable growth by reaching new customer segments and exploring innovative distribution channels.”

Leadway Assurance’s impressive track record of claims payments dates back to 2016, with a remarkable N23 billion, the highest by any individual insurer that year.

In the subsequent years, Leadway has continued to demonstrate its unwavering commitment to excellence and reliability, with substantial growth in claims payments year over year: N27.40 billion in 2017, N33.80 billion in 2018, N38.40 billion in 2019, N43.5 billion in 2020, N48 billion in 2021, and N57.5 billion in 2022.

Asides being one of Nigeria’s leading insurance providers, Leadway Assurance has made waves in the industry with its focus on service efficiency and customer reliability. 

The company’s commitment to improving financial protection and deepening insurance penetration in Nigeria is reflected in its expansion across West Africa with the establishment of Leadway Vie Limited, a life insurance services provider, and Leadway IARD Limited, a general insurance services provider, both operating in Cote d’Ivoire.