Law Union pays N762m claims, advises Nigerians to take insurance policies

Underwriting firm, Law Union & Rock Insurance plc has paid out N762million claims to her customers in the last six months. This is 11 percent higher than what was paid within the same period in 2015. 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 said Jide Orimolade, the managing director/ CEO of the Company.

According to the Managing Director, the Company paid the sum N271, 287,135 on Motor which is the highest among the claims paid within the period and accounted for 35.5 percent. 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 where claims were paid are General Accident, Marine& Aviation, Bond and Credit, Engineering and Oil & Gas and Energy.

Despite the economic downturn, the Company recorded a positive growth in its assets and Gross Premium Written within the same period. Its Assets grew by 3.51 percent from N8, 273, 420,000 to N8,996,290, 000 while the Gross Premium Written of N2.37billion was recorded by the company with a growth of 2.6 percent compared with second quarter of 2015.

In 2015, a sum of N1.64billion was paid as claim- which confirms our sincere commitment to our policyholders said Orimolade. The Chief Executive Officer also explained that his company had line-up various strategic initiatives put in place by the Company to accelerate her claims processing.

The Managing Director while enjoining the public to take up insurance covers narrated that the company through her continuous product innovation program 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–“Home Guard and I-Care” had just been released into the market and can be accessed through any of the company’s agency network and its website 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, Orimolade urged new customers for partnership with the promise of efficient service delivery.

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