Law Union Insurance Plc says the claims it paid to its policyholders rose by 22.8 per cent from N1.27bn in 2011 to N1.558bn in the 2012 financial period.
The Managing Director of the firm, Mrs. Toyin Ogunseye, said that the company was committed to claims’ payment because that was its reason for being in business.
A breakdown of the claims paid showed that fire insurance was the highest with a figure of N581m, followed by motor insurance, N529.99m.
The firm paid N161m on claims that emanated from general accident; N130.3m on marine & aviation insurance; N101.14m on engineering policy while N77m was paid on oil & gas insurance policy.
The firm also stated that it paid N1.2m for claims which emanated from bonds, the portfolio that recorded the least claims.
All the claims were paid to Law Union & Rock Insurance’s policyholders from different parts of the country.
Ogunseye said that prompt claims’ settlement was paramount to Law Union & Rock Insurance as the firm always aimed to restore its customers back to their original position by settling their claims on time, so that they would not go through any hardship.
According to her, the firm had put in place processes to make it easier for the insuring public to do insurance with ease.
“We have put a number of processes in place, like the introduction of various e-payment platforms. We have also gone digital in our marketing activities,” Ogunseye said.
The managing director said that this was done in order to effectively reach out to both its potential and existing clients and to make premium payment stress-free.
“It will also enable Law Union to drive awareness and increase visibility. On the e-payment platform, we have the POS, Pay Direct (in any bank branch), Quickteller (Interswitch) and Webpay,” she said.
Source: Punch (by Nike Popoola)