Law Union & Rock Insurance Paid N1.64 Billion in 2015

Law Union & Rock Insurance plc, has said it paid a total of N1.64 billion claims in 2015.

Managing Director of the company, Mr. Jide Orimolade, in a statement made available to journalist, said a breakdown of the above figure, showed that claims paid  by the company in  2015, ranged from Fire, General Accident Motor, Marine & Aviation, Engineering, Bond and Oil & Energy.

He also said that fire & motor insurance claims, accounted for almost 73% of the overall claims paid during the year.

He said that the statistics show that the number of accidents that emanate as a result of fire and motor accidents in the country was on the increase during the period and that the company is determined to stand like a “rock” behind its customers and also keep its promise of delivering prompt claims payment to its customers.

The Law Union& Rock Insurance boss, also said the astronomical rise by 28 to 38 percent in claims payment between 2014 and 2015  experienced by the company, indicates the level of awareness and exposure of the customers.

According to him, despite the dwindling & harsh economic condition in the country, the company,  was able  to meet up N1.64 billion in claims obligation.

“This singular act demonstrates that the company is committed to putting its customers first, and always make them satisfied”, Orimade stated.

He further said that prompt claims payment to the company’s customers remains its topmost priority and added that its simplified claims settlement process and prompt service delivery makes customers collect their claims benefits easily.

“It also exemplifies the company’s core values of ethics & integrity, Passion for customers, empathy, transparency and entrepreneurial drive. The company, exemplifies good corporate responsiveness and transparency.”

It will be recalled that jn November GCR, a South African based credit rating Bureau in November 2015 rated the Law Union & Rock Plc. “Claims Paying Ability-CPA” on anational scale BBB+(NG)with positive outlook. This shows that the company, over a period of one year, has the capacity to pay claims of her customers.

Law Union & Rock Plc is a major Underwriter of Motor, Fire, Oil & Gas, Marine and other classes of insurance in Nigeria and has been solidly on ground for over 64 years.


Source: Thisday