Law Union and Rock Insurance Plc settles N762 million claims

Law Union and Rock Insurance Plc says the company has so far paid about N762 million claims to her customers in the last five months.

The Managing Director/Chief Executive Officer, Jide Orimolade, said the company’s commitment to its obligations is in line with her strategic direction, which focuses on customers’ satisfaction. We believe that this is the period that people need insurance most.

According to him, the company paid sum N271, 287,135 on motor, which is the highest among the claims, paid within the period and accounted for 35.5 per cent. This was followed by fire with N 227, 242, 749.
This experience underscored the need for people to consider insurance cover especially against motor and fire risks. Other businesses claims paid are general accident, marine and aviation, bond and credit, engineering and oil and gas and energy.
He, however, said despite the economy downturn, the company recorded a positive growth in its assets and gross premium written within the same period.

Its assets grew by 3.51 per cent from N8, 273, 420,000 to N8, 996,290,000 while the gross premium written of N2.37 billion was recorded by the company with a growth of 2.6 per cent compared with second quarter of 2015.

“In 2015, a sum of N1.64 billion was paid as claim, which confirms our sincere commitment to our policyholders, adding that the company had line-up various strategic initiatives put in place by the company to accelerate her claims processing,” he stated.

Orimolade, while enjoining the public to take up insurance covers narrated that the company through her continuous product innovation programme, had developed products which are tailored to the need of the public and cut across all classes of Nigerians raging from low to high-income earners.

According to him, two new products of the company would soon be released into the market and would be distributed through the company’s agency network and digital platform to ease the accessibility.

While re-iterating the company’s resolute commitment to stand by all her esteemed customers in this period of economic downturn by promptly responding to their obligations as they fall due, he urged new customers for partnership with the promise of efficient service delivery.


Source: Guardian