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Claims Documentation

AIICO Events and Update

AIICO Records 24 Percent growth in PBT, Declares 6kobo dividend 

LAGOS, NIGERIA –  APRIL 30, 2012 – AIICO Insurance Plc, one of the foremost Insurance Companies and the largest 
risk management services provider in Nigeria said on Monday (April 30, 2012) that it has recorded a 24% percent
 growth in its gross premium income (GPI) and profit before tax (PBT) for the financial year ended December 2011.


The Group Managing Director – Mr. David Sobanjo in a released statement put the Gross Premium Income recorded
 for the year ended 2011 at N18.44billion indicating an increase of N3.49billion on the performance for the year ended
 Dec. 2010. In the same vein, the GMD stated that Net Premium Earned rose by 19% to N15.62bn whilst retained 
profit grew by 30%.

Commenting on the overall performance of the company, the Group Managing Director Mr. David Sobanjo, said 
“AIICO Insurance Plc is well positioned for continued profitable growth. We are quite pleased with our overall 
performance in 2011 despite the prevalent economic challenges – “clearly our unflinching efforts at improving 
our overall operation and service delivery have remained the reason our consumers and clients consistently 
rely on us”.

Also, speaking on the company’s outlook, he added that the company is looking forward to another good year
 and enthusiastic about the growth opportunities that lie ahead. “We are confident we will exceed our 2011 
performance figures this year.

Following the impressive results, a dividend of 6 kobo per share representing a 300% increase over what was 
paid in 2010 has been recommended whilst the AGM is  scheduled to hold in June 2012. 

AIICO Records 24 Percent growth in PBT, Declares 6kobo dividend 

LAGOS, NIGERIA –  APRIL 30, 2012 – AIICO Insurance Plc, one of the foremost Insurance Companies and the largest risk 
management services provider in Nigeria said on Monday (April 30, 2012) that it has recorded a 24% percent growth in 
its gross premium income (GPI) and profit before tax (PBT) for the financial year ended December 2011.

The Group Managing Director – Mr. David Sobanjo in a released statement put the Gross Premium Income recorded
 for the year ended 2011 at N18.44billion indicating an increase of N3.49billion on the performance for the year ended
 Dec. 2010. In the same vein, the GMD stated that Net Premium Earned rose by 19% to N15.62bn whilst retained
 profit grew by 30%.

Commenting on the overall performance of the company, the Group Managing Director Mr. David Sobanjo, said 
“AIICO Insurance Plc is well positioned for continued profitable growth. We are quite pleased with our overall 
performance in 2011 despite the prevalent economic challenges – “clearly our unflinching efforts at improving our
 overall operation and service delivery have remained the reason our consumers and clients consistently rely on us”.

Also, speaking on the company’s outlook, he added that the company is looking forward to another good year and 
enthusiastic about the growth opportunities that lie ahead. “We are confident we will exceed our 2011 performance 
figures this year.

Following the impressive results, a dividend of 6 kobo per share representing a 300% increase over what was paid in 
2010 has been recommended whilst the AGM is  scheduled to hold in June 2012. 

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Claims Documentation

1. GROUP PERSONAL ACCIDENTS/WORKMEN COMPENSATION
The followings are the lists of substantiating documents required for claim processing:

  • Duly completed claim form
  • Medical bill and report
  • Excuse duty/discharge certificate
  • Statement of earnings i.e. pay-slips
  • Any other supporting documents

2. MOTOR INSURANCE

A. MOTOR THEFT

  • Duly completed claim form
  • Interim police report
  • Original vehicle license/particulars
  • Original Proof of Ownership
  • Receipt of Registration number
  • Motor Vehicle duty Certificate
  • Insurance certificate
  • Purchase receipt
  • Original and duplicate keys of the stolen vehicle
  • Final police report
  • Any other supporting documents

B. MOTOR ACCIDENT/FIRE DAMAGE

  • Duly completed claim form
  • Estimate of repairs
  • Copy of driver’s license
  • Photograph of the accidental vehicle
  • Any other supporting documents

C. WHERE NEGLIGENT THIRD PARTY IS INVOLVED

  • Name and address of negligent third party
  • Copies of negligent third part’s vehicle particulars and insurance certificate
  • Police report may be required especially where the third party is denying responsibility / negligence
  • Any other supporting documents

D. BODILY INJURY TO THIRD PARTY

  • Police report
  • Same as in motor accident/fire damage above
  • Any other supporting documents

3. ELECTRONIC EQUIPMENT

  • Duly completed claim form
  • Affidavit for Loss
  • Police report
  • Invoice / Purchase receipt
  • Any other supporting documents

4. COMBINED INDUSTRIAL ALL RISKS

FIRE INSURANCE/CONSEQUENTIAL LOSS

  • Duly completed claim form
  • Statement of claim/repairs/replacement estimate
  • Purchase or replacement receipt
  • Fire brigade report
  • Photograph of the scene
  • Any other supporting documents

GOODS-IN-TRANSIT

  • Duly completed claim form
  • Certificate of road worthiness of conveying vehicle
  • Way-bill accompanying the goods
  • Police report (theft cases)
  • Statement of claim
  • Any other supporting documents

FIDELITY GUARANTEE

  • Duly completed claim form
  • Statement of claim
  • Police report / Evidence of Court Prosecution
  • Bank’s Inspectorate Report
  • Letter of Employment of affected staff
  • Dismissal letter issued to affected staff
  • Letter of character reference of affected staff
  • Signatory status of affected staff
  • Forfeited entitlements of the affected staff
  • Other relevant claim supporting documents
  • Insured’s comprehensive Internal Auditor’s report on the incident;
  • Confessional statement of the defaulter with the police authority;
  • All documents relating to the fraud i.e. Invoices, Tellers, and Bank Statement of Account etc;
  • The branch balance sheet covering the period of loss;
  • The branch trial balance covering the period;
  • Details of the defaulter viz:
  • Name, Age, Marital Status, Designation;
  • Last known residential address;
  • Employment history of the defaulter post held since employment and for what period(s);
  • Present salary at the time of defalcation;
  • Letter of suspension and / or termination after the incident;
  • Details of the computation of all monies and commissions etc due to the defaulter if he was to resign normally

MONEY INSURANCE

  • Duly completed claim form
  • Copies of cash withdrawal documents e.g. petty cash, vouchers etc
  • Police report
  • Statement of claim
  • Any other supporting documents

PLANT ALL RISKS

  • Duly completed claim form
  • Affidavit for Loss
  • Police report
  • Invoice / Purchase receipt
  • Any other supporting documents

5. PACKAGED POLICY

HOUSEHOLDER COMPREHENSIVE

  • Duly completed claim form
  • Statement of claim/repairs/replacement estimate
  • Purchase or replacement receipt
  • Fire brigade report
  • Photograph of the scene
  • Any other supporting documents

PUBLIC/PRODUCT LIABILITY

  • Duly completed claim form
  • Estimate of repairs of damaged property
  • Documents as submitted in corresponding fire claim or any other loss in consequence of which a public liability claim arises

BOILER/PRESSURE VESSEL

  • Duly completed claim form
  • Affidavit for Loss
  • Police report
  • Invoice / Purchase receipt
  • Any other supporting documents