Prestige Assurance celebrates 65 years of successful business in Nigeria

by | August 23, 2017 12:11 am



Prestige Assurance Plc, a member of New India Assurance Co. Ltd has successfully operated in the Nigerian insurance industry for 65 years, weathering all storms, offering consumer needs and creating shareholder value.

The company, which became more popular recently following successful settlement of Dana Air Plane crash claims to the tune of $ 42 million on legal liability, alongside other co-insurers and foreign reinsurers says it has contributed immensely to the development of the industry and the economy as whole.

Prestige Assurance was established in 1952 as a branch office of The New India Assurance Co Ltd, which is one of the leading insurer in the Afro-Asian regional block with presence in 28 countries. Though The New India Assurance Co Ltd has 69.5 percent equity shareholding in Prestige and shareholders’ fund in excess of N6.2 billion, it has a 97 percent Nigerian workforce, the company said.

Balla Swamy, managing director/CEO of Prestige Assurance Plc speaking at the Company’s anniversary dinner in Lagos said its 65 years of existence in the Nigerian insurance market which counts and identifies it as one of the early birds in the virgin industry has been one of mixed feelings.

“As a developing market, the challenge has been enormous. The experience has been influenced by many factors ranging from Political, Economic, Social, Technological, Religion, ever changing government policies, regulatory pronouncements as well as other market-oriented issues peculiar to the industry, including the role of the brokers who are indeed the main industry drivers.”

Swamy said that in its commitment to continue to add value to its customers, the company has developed a new product called Prestige Overseas Mediclaim Policy (POMP).

“Today, we will be unveiling an innovative product named Prestige Overseas Mediclaim Policy (POMP), out of our array of products in line with our focus to drive superior financial performance through excellent and innovative service delivery, which has a lot to offer the Nigerian Insurance Market.”   

“We have packaged the product with multiple benefits and with vast potentials tailored to bridge the gap between travel and health insurance as obtainable in developed Economies.  This is a product with living benefits of high flexibility, which considerably put on focus, all categories of people in the society while essentially delivering their insurance risks protection and financial planning needs.”

Swamy said the company has made inroads by investing in information technology. It was our desire to make our operation seamless and insurance underwriting simpler and easy.

Hassan Usman, chairman of the company said celebration of this anniversary and launch of the new product is resolve to continue to make Prestige among the leading insurance companies in Nigeria.

“We shall continue to invest in our people, product, technology for service excellence and good customer relations, while remaining committed to complying with all regulatory requirements.

Prestige Assurance Plc was established in 1952 as a branch office of The New India Assurance Co., Ltd which is one of the leading insurers in the Afro-Asian regional block with presence in 28 countries.

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