Wednesday, April 28, 2010

We are the Business to honour to policy holders, says insurers.

The Nigerian insurance Industry has been performing it role as economic stabilisers over the years by offering protection to public and private assets, paying claims when a loss occurs, thereby contributing significantly to the nation economic growth and developmment.

However, the harsh business environment has not provided the required impetus for promoting the business of insurance, but the industry has continued  to grow.  The industry witnessed a substantials growth in volume of business written in year 2008, with a recorded premuim of N165.5billion as against N100.62 billion achieved in 2007, representing an increase of 63.5 percent, amid the global economic meltdown.

Aso the industry during the period paid claims to individuals and corporate organisations amounting to N53.3 billion as against N35.3 billion in the previous year, an increase of 51.4 percent.

On account of this factors, Chieftains of the industry appeal to private and corporate organisations to imbibe the culture of insurnace., assuring that the underwriting companies are in business to honour all genuine obligations to policy holders.

The Managing Drector\CEO, Niger insurance plc, Dr Justus Clinton Uranta, in reaction said the current global mmeltdown is a reality that all individuals and business alike have had  to face insurance companies inclusive. We are all aware of the financial implications of this reality and the need to maintain an effective financial management to be able to weather this storm.

According to him, Niger ranks amongst the financially solid first generation insurance companies with  an envious assets base of over N15billion. The company has  successfully maintained its core operations of risk bearing and claims settlement due to our financial stability and operational efficency.

According to the Niger insurance boss, ''  we paid claims of N1billion in 2009 representing 15 percent increase from 2008 figures and generated a premium income of over N6.6 billiom representing 25 percent increase from 2008 figures. Underwriting profits rose from N2.4 billion in 2008 to N 3.4billion in 2009 representing over 40 percent increase.

He said that the company has continued to sustain customer's confidence over the year and would continue to improve on our processes to become the insurance company of first choice in Nigeria noted for high level transparency, efficiency, capacity and superlative customer services.  

Similarly, the Managing Director\CEO, Gold link insurance plc, Mr Femi Okunniyi told the guardian that the company paid over N1.2billion claims in 2009 to relieve the customers of their losses.

He explained that the beneficiaries of these claims are various government institutions and departments, individuals, and other corporate establishments.

He said, the management of the company want to reassure our customers that even though 2009 challenging year due to the global economic recession, whiich did not exempt the Nigerian economy, Goldlink made its clientele a major priority in settling their claims as and when due. The isssue of claims settlement remains of utmost importance in covincing the insuring public of the advantages of insurance to the country, corporation, groups and individuals.

Also, Mr Rasaq Hamza, assistant general manager, Staco insurance plc told the Guardian that the company during the 2009 financial year, paid out N1.33 billion in claims to its numerous policy-holders both individuals and corporate organisation that suffered losses duuring the period. This payment is 48 percent increase over N899 million paid out in 2008 operational year.

According to Hamza, ''prompt claims settlement is one of the strategies of securing customers'' loyalts at all times and that Staco is determined to ensure that its policy-holders are restored to the normal financial status before the occurrence of any incident they insured against.

H said that the company will continue to be consistent in payment of genuine claims to valued customers because that is the essenc of our being in business.

The Association Director, Brokers marketing, Mr Bayo Fakorede reiterated the company's commitment  to prompt payment of claims, affirming that the insuring public needs to be assured of the obligations of the insurance underwriters to promptly settle their claims.

Meanwhile, the management of AIICO insurance plc has reiterated its determination to retain leaadership position in the Nigerian insurance landscape.

A release from the company points to indices in the capital market as the company sustained the bullish trend of its shares in the market this year. Means investors are taking notice. The release of its third quarter results with an almost 63 percent increase in profits after tax has made AIICO insurance shares the most valuable and sought after in the insurance sector on the floors of stock Exchange.

Analysts attribute AIICO's leadership to its dominance of the insurance sector. It is the sector leader in life insurance and one of the top two leaders in the general insurance business in Nigeria. It has a very robust presence in the oil and gas business and controls a major share of travel insurance business.     

AIICO's consistent performance are due to the fact that it market-based valuation compare favourably with its peers,and even better,as well as the perception as a good insurance stock among brokers. This perception is based on the reality of AIICO's solidity in Nigerian Insurance landscape.The company is seen as the giant of the Nigeria Insurance industries with innovative management and customer-oriented services.

 

Back