Veritas Kapital Assurance pays N0.626bn claims in June

Veritas Kapital Assurance plc says it paid N0.626 billion in claims for the period ended June 2022 (H1 2022).

Kenneth Egbaran, managing director/CEO, Veritas Kapital Assurance plc, said in a statement that the payment was in fulfillment of the company’s pledge to promptly settle claims to the delight of its customers.

According to Egbaran, the company will continue to exceed customers’ expectations in claims settlements.

The recently released H1 2022 of Veritas Kapital Assurance result showed that total assets grew by 13 percent within the period under review, from N14.4billion to N16.4billion. Though the group’s result showed a loss after tax of N170.4million, a sum of N4.08billion was reserved to take care of policyholders’ liabilities. At the same time, shareholders’ fund grew to N10.7billion from N9.8billion reported in HI 2021 as the company keeps its focus to remain one of the leading insurance companies in Nigeria.

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A year ago, the company launched two E-Product channels to bring affordable protection products to the easy reach of our growing customers on the go; an e-commerce website and WhatsApp channel as a one-stop-shop that ensures seamless/convenient buying and delivery of insurance solutions. These innovative E-channels offer affordable retail insurance products such as Householder, Accident, Fire, Third-Party Motor insurances.

The products cost between N1,750 and N7,500 and provide coverage of up to N3million and can be purchased within 5 minutes from any internet-enabled device. Egbaran said the company will keep improving its business offerings to all prospective insured and customers whilst delivering a seamless customer experience.

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