Coronation Insurance pays N4.1bn claims in Q3

Coronation Insurance Plc, the (group) a full line underwriting company has paid out claims amounting to N4.12 billion for the first nine months in 2021, as against N2.75 billion paid out within the same period in 2020, an indication of the company’s commitment to meeting its obligation to clients.

In the Group’s third quarter result accessed by BusinessDay, Coronation Insurance Plc recorded a gross premium income of N11.07 billion as against N13.26 billion in 2020, while net premium income soared to N6.63 billion compared to N5.54 billion recorded in the comparable period of 2020.

This is as net underwriting income grew to N7.295 billion against N7.257 billion recorded in the third quarter of 2020.

The group also saw a loss before tax of N685.29 million compared to a profit before tax of N1.19 billion posted in the comparable period of 2020 while it also recorded loss after tax of N711.125 million against profit after tax of N992.7 million written in the previous year.

Coronation Insurance Plc’s total asset grew to N41.15 billion in the review period, from N39.72 billion in December 2020.

Read Also: Coronation Insurance pays N3.21bn claims in full-year 2020

Coronation Insurance plc is a leading West African full line insurance company offering a diverse range of products and services covering life, general and special risk businesses.

Founded in 1958 and licensed to underwrite all classes of insurance, such as fire and special perils, goods-in-transit, all risk insurance etc.

Over the last half century, Coronation Insurance has garnered experience across Nigeria in risk management and underwriting, and assisting corporate entities and individuals with various classes of cover.

Coronation Insurance operates two business lines; Coronation Life Assurance Limited which operates in Nigeria, and; a regional footprint in Ghana, Coronation Insurance (Ghana) Limited.

In order to bolster the Company’s ongoing repositioning and restructuring initiatives, Coronation Insurance merged with Intercontinental Properties Limited; a development, which has significantly enhanced Coronation Insurance’s underwriting capacity and placed it amongst the top five insurance companies in Nigeria.

Coronation Insurance seeks to be a truly diversified financial services institution that provides protection against all forms of insurable risks to all customer segments our aspiration for the next 5 years is to become a top three insurer in Nigeria by 2023.