• Friday, September 29, 2023
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Universal Insurance pays N471.5m claims to Next Cash & Carry Abuja

Universal Insurance’s annual profit hits N667.8m

Universal Insurance Plc has paid N471,500 million as claims to Next Cash and Carry, a supermarket in the Federal Capital Territory (FCT), that got burnt as a result of a fire incident that took place in December, 2021.

The Insurer said it has remained steadfast to the issue of prompt claims payment to policyholders, having paid a total of N1.2 billion as claims to its policyholders who suffered losses from 2015 to 2020.

The breakdown of the claims paid showed the company paid N111.1 million in 2016, N330.3 million in 2017, N334.2 million in 2018 and N338.2 million claims in 2019 bringing the total claims to N1.2 billion on nine classes of insurance.

Read also: Nigeria Liability Insurance Pool strengthens performance on key products

While speaking on the company’s claims profile, Benedict Ujoatunou, managing director/CEO Universal Insurance disclosed that the Company’s commitment to satisfying her clients is non-negotiable.

“We understand the importance of prompt claims settlement, and we remain steadfast in our resolve to deliver on our promises to our valued clients.”

The insurer has, in the meantime, expanded its presence within Lagos to boost insurance accessibility in the country.

According to Ujoatonu, “Our key strategy to grow our business for this year is to expand our market. In pursuit of this strategy, we have opened up more offices in Lekki and Apapa areas of Lagos.”

Universal Insurance Plc is one of the largest Nigerian non-life insurance companies with an asset base of about N12.3 billion, with 16 billion fully paid shares and issued share capital of N8 billion. The company’s shareholders fund stands at over N9.7 billion.