By Cynthia Alo
Law Union & Rock Insurance Plc, has paid over N1.25 billion claims from January to September this year.
Managing Director, Jide Orimolade, disclosed this at a media parley in Lagos. He said that the firm has reviewed its claims processes to ensure that claims payment is done within a short time and that there are efforts to digitalize claims payment process.
According to him, the firm’s gross premium written for the nine months period ended September 2017 stands at N3.51 billion as against N3.19 billion in 2016. Investment income was N611.86 million; profit before stood at tax, N727.87 million; retained earnings was N470.56 million; shareholders’ fund stood at N6.22 billion and total assets was N10.36 billion.
He said the firm has in recent times won some awards, which were, Global Most Trusted Company in Quality Insurance for the year 2017 and CEOs Today 2017 in Africa.
“You will all agree with me that one of the ways of measuring company brand visibility is through public recognition and award.
“Part of our corporate objective is to create niche for ourselves in the industry. We are not unmindful of the competition which is characterized with price war in the industry, but we believe we could navigate through by differentiation and best service delivery. It is on this onerous focus that we have been giving our best to our esteemed customers,” he said.
On prospects for 2018, he noted that Federal Government’s budget proposal of N8.612 trillion with an improvement on capital expenditure which is 30.8 per cent, would really impact insurance business, adding, “With improved revenue, decrease in domestic borrowing with signal of decrease on interest on Treasury bill, there would definitely be an improvement in economic bubbling. Customer purchasing power is expected to increase and all things being equal, insurance is expected to have a better share, better penetration and improved gross premium written in the coming year.”
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