Law union & Rock insurance pays N1.64b claims in 2015
by MODESTUS ANAESORONYE
February 18, 2016 | 12:11 am| | | Start Conversation
Law Union and Rock Insurance plc has paid out claims amounting to N1.64 billion in the financial year 2015 from activities in Fire, General Accident Motor, Marine & Aviation, Engineering, Bond and Oil & Energy.
Managing Director/CEO of the Company, Jide Orimolade said from the total claims, Fire & Motor Insurance accounted for almost 73 percent during the year under review..
He said that the statistics show that the amount of accidents that emanate as a result of Fire and Motor accidents in the country are on the increase and the company is determined to stand like a “rock” behind their customers and also keep her promise to deliver on prompt claims payment to her clients. He said the astronomical rise by 28 percent in claims payment between 2014 and 2015 indicates the level of awareness and exposure of the customers.
According to him, he stated that despite the dwindling & harsh economic condition in the country it was a major achievement for the company to meet up N1.64 billion in claims obligation. Orimolade said: “This singular act demonstrates that the company is committed to putting its customers first, and always make them satisfied”.
He further said that “prompt claims payment to our customers remains our topmost priority” and added that “our simplified claims settlement process and prompt service delivery makes customers collect their claims benefits easily”.
“It also exemplifies the company’s core values of ethics & integrity, Passion for customers, empathy, transparency and entrepreneurial drive. The company exemplifies good corporate responsiveness and transparency.”
GCR, a South African based credit rating Bureau in November 2015 rated the Law Union & Rock Plc. “Claims Paying Ability-CPA” on a national scale BBB+ (NG)with positive outlook. This shows that the companies over a period of one year have the capacity to pay claims of her customers.
Law Union & Rock PLC is a major Underwriter of Motor, Fire, Oil & Gas, Marine and other classes of insurance in Nigeria and has been solidly on ground for over 64 years. The company is also known for financial stability, underwriting expertise and experienced Management Team.
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