Staco Insurance settles N538m claims

Mr. Rasaq Hamza, the company’s head of claims department, who made this known in a statement, pointed out that it was part of the company’s policy to always attend to prompt processing and settlement of genuine claims reported to the company.


He said: “It is part of the continuous strategy of the company to constantly ensure that customers are restored to their initial financial position at the occurrence of any loss after due investigations of the loss.”

He further noted that in order for the company to align its strategy with its mission of being the first choice provider of superior financial services such that the delivery was of integral benefit to all stakeholders, the company was at all times seeking to add real and genuine value to its customers’ needs, particularly in the area of claims settlement.

Recently, at the yearly general meeting of the company, the chairman Mr. Dere Otubu remarked that despite the uncertainty in the business environment in the 2008 operating year, the company wrote a gross premium income of N4.38 billion as against N2.81 billion recorded for the corresponding period in 2007, which was an increase of 55.43 per cent over the previous year. The company’s underwriting profit also grew by 35.48 per cent from N1.55 billion in 2007 to N2.10 billion. It is worthy to note that in spite of the company’s commendable performance a total of N899 million worth of claims was paid out during 2008 financial year on various classes of insurance.

It would be recalled that following the successful recapitalisation process by NAICOM, the company won the Thisday Insurance Company of the year award for its 2008 operations and it has expanded its business network to 15 states currently across Nigeria and Sierra Leone in the West African sub region.

By Faith Oparaugo

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