Nigeria Re pays out N132.4 million claims in Q2

Nigeria Re, one of Nigerian’s reinsurers has paid out N132.42 million on claims as at the end of second quarter 2015 in line with its resolve to meets claims obligations as at when due.
A breakdown of the claims paid shows that fire insurance accounted for N70.75 million.

Other classes for which claims were paid include Motor N 22.73million; Marine & Aviation N 20.38million; General Accident N 9.53million; Life N 4.5million; Car N 2.7million and Oil & Gas N 1.83million.

Isioma Chukwuma, managing director of the Company said the firm is committed to meeting its claims obligation, and so has strengthened its systems and processes to ensure timely response.
“We have promised our underwriting Company clients that we shall be there for them when risk crystallises,” Isioma stated.

Recently, the Board of Directors of firm unveiled a new strategic masterpiece to return Nigeria Re to its leadership position in Nigeria as well as to become a profitable global player in the global market.

Part of the strategic tools was the establishment of new units to serve as a prime mover toward the realization of the short and long time goals of the reinsurance company. The new units are Critical Operations, Research and Development, Strategic Performance and Customer Loyalty.

The Critical Operation supervises the activities of other units but primarily focused on business development and the strategic performance and gives the feedback to the new executive director.

Customer Loyalty Unit is a unit that oversees the customers’ related issues. It is specifically in charge of ensuring the implementation of the Corporation-Customers alignment which is one of the key strategies rolled out to put the reinsurance outfit back to its leadership position in global reinsurance market.

Part of the strategic tools that the Department has deployed to align Nigeria Re with its customers is regular market visit, customer forum and customers’ rewards programme.

The Research and Development Unit works with business and support units to gather information; analyze it and deduce an inference upon which the strategic performance measurement would be based.  It also provides insightful information that is of local and global relevance expected to help the Management in making a quality decision.

The Department is currently handling the company’s visibility improvement programme which is one of the Corporation’s new strategies to ensure sustainable growth.

 

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