STACO Insurance pays out N145bn claims in third quarter

Underwriting firm, STACO Insurance Plc has paid out claims amounting to N1.45 billion at the end of the third quarter 2016.

This is about 9.1 percent increase in claims paid compared with the corresponding period of 2015 where the sum of N1.324 billion was paid as claims.

The 2016 third quarter figure shows that N596.55 million was paid on Fire business as against N436.38 million paid in 2015; this is the class of business with the highest claims paid. This is closely followed by General Accident class of business where the sum of N389.96 million was paid as at the third quarter of the year.

Total claims of N197.32 million and N119.83 million were paid on Marine and bond respectively, while the sum of N82.70 million and N46.10 million were paid on Oil and Gas business and Motor business respectively among other claims.

The company assured its numerous customers of its commitment to prompt payment of claims as and when due.

Jaiye Fatungase, head of Finance and Accounts of the Company reiterates that the company’s strength lies in its passion for high standards and prompt settlement of claims.

In the same vein, the company has reported an increased shareholders fund of N3.626 billion as against N3.409 billion reported in the corresponding period of last year.

Fatungase asserted that the company will continue to grow its shareholders fund to enable it play bigger in the insurance industry and particularly in the Oil and Energy sector of the economy, he further said that STACO is committed to providing exceptional service to her numerous customers.

The notable quality services delivery by the company every time has enabled it to win numerous awards amongst others, the latest being the Insurance Personality Leadership Award for year 2016 conferred on the group managing director / CE of the company Sakiru Oyefeso by African Prize for Leadership Excellence. The company was recently rated BBB+ by the Global Credit Rating Co (GCR) and is poised to maintain its rating among brokers and clients alike.

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