SA Insurance pays N566.65m claims in Q1

Photo; chasmic-research

Photo; chasmic-research

STANDARD Alliance Insurance Plc, has paid out a consolidated claims totaling N566.65 million to its affected policyholders during the first quarter of its operations this year, just as it has engaged Mr. Olukolajo Ezekiel, a longstanding insurance professional, to drive its underwriting and claims administration to clients’ all time expectations.

A breakdown of the above consolidated sum shows that Standard Alliance Insurance Plc paid N278.64 million while its life subsidiary, Standard Alliance Life Assurance Ltd, was responsible for N288.01m balance.

The claims were paid out to affected policyholders spread across fire, marine, Motor, oil and gas, general accident and engineering classes of general insurance as well as the group and individual life policies.

The company’s Group Managing Director, Mr. Bode Akinboye, who gave these details in a statement by the firm explained further that a total consolidated sum of N719.56 million was paid out by the company and its subsidiary as claims to affected general and life policyholders during the corresponding period in 2014.

He underscored the importance the company attaches to prompt claims settlement, noting that “we recognize the fact that the survival or acceptance, progress and reputation of any underwriting company are a function of its consistent ability to respond to claims issues promptly and that is why we give any claims reported all the prompt attention to the satisfaction of our affected policyholders.”

He explained that the company’s ability to settle claims to the tune of N566.65 million at a time the insurance business patronages were not impressive owing to the nation’s focus on the general electioneering activities clearly demonstrates the organisation’s financial strength to manage any size of risk brought to it by the insuring public at any time.

Some of the major beneficiaries of the claims settlement, according to him, included Karina International Limited, Compact Manifold & Energy Services, Eagle Haulage Nig. Ltd, St. Paul’s Church, Hydrochina Huadong Engineering and DSC International, among others.

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