Universal Insurance Pays ₦1.2bn Claims Settlement in 5 years
Universal Insurance Plc said that it paid ₦1.2 billion as claims to its policyholders in the last five years.
Mr Ben Ujoatuonu, Managing Director of the Insurance firm said the company paid ₦147.8 million claims to its policyholders who suffered insured risks in its 2015 financial year and ₦111.1 million in 2016.
Ujoatuonu said the company paid ₦330.3 million in 2017, ₦334.2 million in 2018 and ₦338.2 million claims in 2019 financial year end.
These payment tranche in the last five years bring the total claims paid to ₦1.2 billion on nine classes of insurance.
Universal Insurance Chief said within the period under review, the company paid ₦182.3 million claims on Bond, ₦11.4 million in 2016, ₦13.3 million in 2017, ₦5.9 million in 2018 and ₦151.7 million in 2019.
“Similarly, the insurance firm settled Engineering claims worth ₦178.1 million, fire claims to the tune of ₦412.1 million, general accident claims worth ₦299.8 million, Aviation claims amounting to ₦10 million and Marine insurance claims totaling ₦43.9 million.
“Marine Hull insurance attracted ₦5.6 million claims with motor insurance costing ₦156.8 million claims,” he said in a statement.
He explained that the company was liquid enough and was meeting its 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 ₦135.6 million and TVC Atlantic Vacation group, which received ₦105 million as claims between 2016 and 2020 under the corporate clients.
Mr Akinwekomi Dele received ₦5.8 million claims and Pastor Robert Udeagha got settled to the tune of ₦2.6 million under the individual client.
Universal Insurance Pays ₦1.2bn Claims Settlement in 5 years
