Firm paid N350 million claims in second quarter

Saham Unitrust noted that this attests to its ability to meet claims of different magnitude from its customers.The claims were paid on non-life insurance contracts which include fire, motor, general accident, marine, bond, engineering, workmen compensation and special risks.

During the period under review, the company paid a single claim of N154m to Sayed Farm as compensation for the fire incidence which engulfed the farm settlement.

Saham Unitrust has a specialised claims unit that actively manages and pursues early settlement of claims, in order to quickly restore the claimants back to their former positions before they suffered a loss.The underwriting firm has a strong reinsurance backing which is only placed with Reinsurance companies with good credit rating.

The Managing Director, John Ijerheirme, said that the best insurance advertisement is settlement of claims and that the company is in business to assist individuals and organisations to grow through prompt payment of claims.

“Saham Unitrust Insurance has consistently met its obligations to policyholders, we are poised to delight our customers with competitive rates and broaden coverage,” he said.

He said the company will soon introduce new retail products and sales channels to meet the needs of the insuring public.
Saham Unitrust Insurance is principally engaged in providing insurance services to cater for the needs of corporate and retail sectors of the Nigerian economy. Established and licensed in 1986 as Unitrust Insurance Company Limited.

Its name was changed to Saham Unitrust Insurance Nigeria Ltd after the investment of Saham Finances in the company. From a modest beginning in 1986, with a share capital of N1 million, Saham Unitrust has recorded tremendous growth. As at December 31, 2016 the Shareholders’ funds and Solvency Margin stood at =N=7.52Billion and =N=6.4 Billion respectively while the Total Asset grew by =N=581.8m to =N=11.54Billion at the end of 2016 accounting period.