Economy

Universal Insurance pays N1.2bn claims settlement in 5 years

Published

on

Universal Insurance Plc on Friday in Lagos said that it paid N1.2 billion as claims to its policyholders in the last five years.

Mr Ben Ujoatuonu, Managing Director of the Insurance firm said the company paid N147.8 million claims to its policyholders who suffered insured risks in its 2015 financial year and N111.1 million in 2016.

Ujoatuonu said the company paid N330.3 million in 2017, N334.2 million in 2018 and N338.2 million claims in 2019 financial year end, bringing the total claims paid to N1.2 billion on nine classes of insurance.

He explained that within the period under review, the company paid N182.3 million claims on Bond, N11.4 million in 2016, N13.3 million in 2017, N5.9 million in 2018 and N151.7 million in 2019.

“Similarly, the insurance firm settled Engineering claims worth N178.1 million, fire claims to the tune of N412.1 million, general accident claims worth N299.8 million, Aviation claims amounting to N10 million and Marine insurance claims totalling N43.9 million.

“Marine Hull insurance attracted N5.6 million claims with motor insurance costing N156.8 million claims,” he said in a statement.

Ujoatuonu noted that the company was liquid enough and was meeting it’s responsibilities, especially in the area of prompt claims settlement to clients and other stakeholders.

“We have a competitive edge in claims settlement through investment in state of the art communication and information technology .

“Thereby, enhancing our operational efficiency and offer to pay off legitimate claims in a jiffy after the execution of discharge voucher. We have a tractable but reduced claims process circle,” the managing director said.

According to him, the insurance firm is liquid to underwrite big insurance businesses in the insurance sector of the financial industry.

He said the company was eyeing the retail market and would soon unveil some retail insurance products to deepen insurance penetration.

Ujoatuonu said the company had also imbibed the culture of training and retraining of its workforce as it believes in human capital development, motivation and empowerment to drive policies and create values.

He said this was aimed at repositioning the firm on an enviable pedestal among its competitors in the marketplace.

“Universal Insurance serves commercial, institutional and individual customers through an extensive general insurance network, and also providing financial services and risk management services nationwide.

“The company’s leadership is as a result of its underwriting skills, innovative insurance solutions, financial strength, superior service and prompt claims settlement,” he said.

Meanwhile, some of the policyholders of the company have attested to and lauded the insurance firm for its prompt claims paying ability.

Mr Kayode Okunoren, Chairman, Manny Insurance Brokers Ltd, said the insurance company had a rich heritage of professional practice in Nigeria which could be sustained.

“It is the belief of our management that the desire of Universal Insurance to collaborate with brokers through the Nigerian Council has Registered Insurance Brokers (NCRIB) platform will be achieved,” he said.

Also, Don Pedro Obaseki, former Chairman, Actors Guild of Nigeria (AGN), Lagos State chapter, said the group with about 150,000 members across the country had chosen Universal Insurance to provide it with Group Personal Accident Insurance policy because of its commendable record.

Obaseki said the development was a dream come true for actors who were always exposed to varying degrees of occupational hazards without any form of compensation.

He explained that the unveiling of the insurance cover for them symbolised unity of purpose and provided them with a sense of belonging.

“For the first time in the history of AGN, the actors now have insurance protection. It is a wonderful experience and something that the group has been looking forward to.

“This is commendable and will further leapfrog the industry and Actors Guild into another level in the sense that if you have the history of our members, you find out that Nollywood members always have health-related issues.

“So this will go a long way to try to checkmate that and also create other health awareness among our members,” Obaseki noted.

Other claimants that have enjoyed the the firm’s prompt claims response, are: NTA-Star TV Network Ltd which got N135.6 million and TVC Atlantic Vacation group, which received N105 million as  claims between 2016 and 2020 under the corporate clients.

Mr Akinwekomi Dele received N5.8 million claims and Pastor Robert Udeagha got settled to the tune of N2.6 million under the individual client.

(
Edited By: Peter Ejiofor)
Source: NAN

Ex-lawmaker urges Ogun, Lagos govts to repair Abeokuta expressway Looters of NYSC camp will be apprehended, prosecuted, says police chief Flood: Bayelsa Govt begins technical study to tackle impact FG vows to discourage physicians’ “brain drain” from the country UN Chief calls for peaceful presidential polls in Ivory Coast Top two seeds Djokovic, Thiem ousted in Vienna Open quarter-finals COVID-19: Expert calls for campaign to help uplift Nigerians’ spirits. Curfew forces Belgium to move home venue for internationals Minister condemns destruction of medical equipment in Kogi Ronaldo recovers from COVID-19 infection England’s “Toothless Tiger” dies at 78 #EndSARS: Gov. Okowa says Nigerians need collective responsibility to rebuild the nation #ENDSARS: FRSC boss orders immediate resumption of operational activities EndSARS: Police say protesters attacked 205 public, private facilities Ekiti APC felicitates with ABUAD Founder, S’East governors, youths call for reduction of security roadblocks in region Makinde’s administration has paid N2.9 bn gratuity – Commissioner CSO calls for effective management, prioritisation of water, sanitation Senator extols virtues of Afe Babalola at 91 Gov. Akeredolu orders 7-day ultimatum for surrender of arms, ammunition in wrong hands President Buhari welcomes international partnership to spur development Navy Sailing Club to stage 3 races in November Feb. 23 fixed for Akeredolu’s inauguration for second term in office Klopp seeking solutions after Van Dijk surgery, Fabinho injury hamper Liverpool defence EndSARS: NGO wants Lagos panel to summon promoters of fake news ECOWAS to strengthen institutions to combat organised crimes United States stocks fall, indices head for weekly losses as virus cases spike UNESCO approves 3 additional biosphere reserves for Nigeria 2 teenagers found dead on Greek island after major quake Delta Schools resume, begin teleclass Nov. 2 – Commissioner Hold public office holders accountable to the people’- Gov. Wike charges NGE Mayhem: How we secured Surulere from hoodlums — Lagos youth leader Africa CDC warns of second wave of COVID-19 infections in Africa LASG flags off Eti-Osa-Lekki-Epe Expressway reconstruction project Sunday UN lauds FG for implementing programmes on women Protest: NASS C/River Caucus sues for peace Reps committee restates commitment to enforcing code of conduct Netherlands reports over 11,000 new infections for first time Coronavirus, social distancing and the Nigerian Women Entrepreneurs NAHCON mourns President of Hajj operators Zambian leader defends investments in road works Water Resources Control Bill: Minister decries misinformation of Nigerians Expert tasks mothers on child-spacing  Police inaugurate committee to assess losses during #EndSARS protest Nigeria stock market gains N571bn in bullish trading ActionAid urges govts to improve investment in agriculture Anambra FA election fail to produce chairman despite sole candidacy IGP commends officers on professionalism during EndSARS protest Lagos Assembly initiates Bill to improve accountability in governance EU executive takes legal action against Hungary for new asylum laws