WOW!!! SA Insurance paid N566.65m claims in Q1

Standard Alliance Insurance Plc said that it paid out consolidated claims totaling N566.65m to its policyholders during the first quarter of its operations this year.
According to a statement obtained from the firm on Sunday, it said that it had also engaged Mr. Olukolajo Ezekiel, a long standing insurance professional, to drive its underwriting and claims administration.

The company said a breakdown of the above consolidated sum showed that Standard Alliance Insurance Plc paid N278.64m while its life subsidiary, Standard Alliance Life Assurance Limited, paid the balance of N288.01m.
It stated that the claims were paid on fire, marine, motor, oil and gas, general accident and engineering classes of general insurance as well as the group and individual life policies.
The Group Managing Director, Mr. Bode Akinboye, said further that a total consolidated sum of N719.56m was paid out by the company and its subsidiary as claims to affected general and life policyholders during the corresponding period in 2014.
Akinboye underscored the importance the company attached to prompt claims settlement. “We recognise the fact that the survival or acceptance, progress and reputation of any underwriting company are a function of its consistent ability to respond to claims issues promptly and that is why we give any claims reported all the prompt attention to the satisfaction of our affected policyholders,” he said.
He said that the company’s ability to settle claims to the tune of N566.65m at a time the insurance business patronage was not impressive owing to the nation’s focus on the last general elections demonstrates the organisation’s financial strength to manage any size of risk brought to it by the insuring public at any time.

Some of the major beneficiaries of the claims, according to him, are Karina International Limited, Compact Manifold & Energy Services, Eagle Haulage Nigeria Limited, St. Paul’s Church, Hydrochina Huadong Engineering and DSC International.