• Thursday, June 20, 2024
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Cornerstone Insurance upbeat despite slow start of economy in 2023

Cornerstone Insurance upbeat despite slow start of economy in 2023

Cornerstone Insurance Plc says it will keep delivering its promises to critical stakeholders despite the challenges that accompanied the year.

The company disclosed this at the Cornerstone Brokers Event 2023, stating that it has a strong balance sheet to meet its maturing obligations despite the unfavourable kick-off of the year, ranging from the naira scarcity to election.

Ganiyu Musa, group managing director/ CEO, of Cornerstone Insurance said,” Despite what has happened this year, cornerstone will keep moving. For our critical stakeholders and the insured, our promise comes rain, come sun, Cornerstone will always be there to fight in their corner. We have a very strong balance sheet.”

“This means that whatever happens, we are able to deliver our promise. I have been in cornerstone for more than 10-years, we have never had to delay the claims because of finances. We have arranged our balance sheet in such a way that we have more than enough financial resources in immediately available form to meet all our maturing obligations.”

Read also: NEM Insurance gross written premium up 20% to N33.3bn

According to Musa, Cornerstone remains optimistic in the country and has always seen challenges as opportunity to scale and grow.

“Nigeria is our hope. There may be challenges but most times within those challenges, opportunities arise and that is the way we look at it. We are a resilient company and have organised our business in such a way that irrespective of the internal and external environment, we will thrive, he said.

On the impact of the brokers event, the CEO said the brokers constitute a significant part of the insurance distribution value chain. They provide a very critical link between the underwriters and the insured.

He stated that having the opportunity to interact with the brokers is a valuable experience.

Meanwhile, the company said it has recorded a topline growth of N24 billion in 2022 amid uncertainties, a massive increase from where it was, barely at N4 billion a decade ago.