Underwriting firm, STACO Insurance Plc during the 2018 financial year paid out claims in excess of N1.6 billion, stating that insurance as a strategic mechanism for business sustenance and asset protection can only become a reality and concrete when genuine Claims are made and paid.
STACO Insurance Plc with specialization in general Insurance and special risks says it will continue to sustain the momentum of Claims payment to ensure that its customers are happy at all times.
The claims payments were made across all classes of general Insurance business with Fire Insurance gulping the largest chunk of over N528.97 million claims. This is closely followed by Motor Insurance claim of over N392.91 million while Oil and Gas got over N348.35 million as claim payment amongst other classes of business.
According to the Company Management the focal corporate strategy of the company in 2019 is to meet the needs of the insuring public as part of its value proposition and offering of beneficial Insurance products to fill in the already identified gaps with commitment to settlement of claims promptly.
For the first half of the current year, the company has paid over N628 million claims as to numerous customers.
Bayo Fakorede, acting managing director/CEO said “we are poised and prepared to reassure all customers that prompt attention is given to all genuine claims.
He added that we are very much in business and have built capacity to continually meet our customers’ obligations in terms of offering quality products and prompt claims settlement.
Fakorede equally assured all stakeholders that STACO will continue to remain a reputable brand noted for exceptional and efficient customer service delivery and professional underwriting capacity. To underscore this, Fakorede stated that Management re-affirms its commitment to initiate a system whereby the brand remains a paramount player in the industry.
The need to have more personalized products has necessitated the re-introduction of three customized Insurance products targeted at persons from all works of life. The products are STACO Travel Insurance which covers any traveler both locally and internationally, STACO Home Owners Insurance Policy which is for every tenant and home owners and STACO Personal Protection Plan with annual premium as low as N200 shows that the policy is targeted at all and sundry.
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