Mutual Benefits Makes Good Its Commitment, Pays N34.54bn In Claims In 2024

In a demonstration of its commitment to its policyholders, Mutual Benefits Assurance Plc and its subsidiary, Mutual Benefits Life Assurance Ltd., successfully disbursed claims totaling N34.54 billion in 2024. 

This significant payout underscores the company’s unwavering commitment to financial security and customer satisfaction, despite rising economic challenges. 

The claims paid in 2024 covered both General and Life Insurance, reflecting Mutual Benefits’ ability to fulfill its obligations across various insurance segments. 

General Insurance claims totaled N12.24 billion, with the oil & gas sector recording the highest payout of N2.54 billion, followed closely by fire insurance claims at N2.39 billion and motor insurance at N2.29 billion. 

General accident claims amounted to N1.83 billion, while marine insurance payouts stood at N1.30 billion. The aviation sector recorded claims of N1.70 billion, and engineering insurance claims reached N785 million, while agric insurance had the lowest non-life payout at N11 million.