Law Union Pays N1.43bn Claims

• Law Union Pays N1.43bn Claims

Law Union & Rock Insurance Plc said it paid claims totalling N1.43bn to its claimants in the 2016 financial period.

The Managing Director of the company, Mr. Jide Orimolade, said this during a press briefing in Lagos.

“Compared with N1.6bn claim paid in 2015, the company paid out N1.43bn in 2016, slightly less than the amount paid in 2015,” he said.

Due to its strategic initiatives and prudent underwriting, he said its profit after tax rose by 100 per cent from N280.9m in 2015 to N561.8m in 2016.

According to him, its underwriting result equally grew by 10 per cent to N1.25bn from N1.14bn in 2015.

Orimolade said the company was not only determined to meet all its obligations to the policyholders, but committed to adding values to its customers through disruptive innovation that delivers seamless, convenient and stress-free business.

He said in 2016, its strategies were majorly driven by the ICT.

According to him, its robust technology enables it to grow its retail business production by nine per cent despite the prevailing economic constraints in the business terrain.

The managing director explained that in 2016, it introduced two products known as Home Guard and I-Care, after getting regulatory approval by the National Insurance Commission.

He explained that the Home Guard was designed to provide insurance solutions for tenants of residential buildings in Nigeria.