Law Union & Rock Insurance targets 50% growth in GWP for 2017
Underwriting firm, Law Union & Rock Insurance Plc says it targets to increase gross written premium by 50 percent at the end of 2017.
Besides that, it plans to retain 90 percent of existing customers, grow direct and retail business, improve relationship with brokers and other channels, achieve improved credit rating from A- to A+ by Global Credit Rating agency and become the preferred first choice underwriter amongst the general insurance business provider in Nigeria.
Jide Orimolade, managing director/CEO of the Company made the disclosure during a media interaction with journalist in Lagos.
Meanwhile, the Company at the end of first half 2017 has recorded a gross premium written of N2.76 billion, an increase of 17 per cent against N2.37 billion recorded in 2016, while profit after tax rose by 4 per cent in the second quarter from N307,334 million in 2016 to N318,749 million 2017.
He posited that there was a high increase in claims report due to the flooding in the first quarter, stressing however that the firm’s gross claim paid stood at N622,518,696 in the half year ended June 30, 2017.
Orimolade maintained that the firm is now committed and strategically positioned to consolidate on her profit earned this year to delight its shareholders and all other stakeholders.
He said the firm has developed and released four products into the market this year, adding that the products include: I-Salute; Doctor-on-Cover; GPA-4-Schools and Sure Pay.
I-Salute, he said was designed to provide support and relieve to Officers and their families in event of accidents that result in any or a combination of Bodily injury requiring resulting in medical expenses. Permanent disability preventing the person from carrying on with his/her regular business or activities, death, injury, permanent disability or death resulting from armed robbery attack is also covered.
He said Doctors-on-Cover was designed to help Medical Doctors comply with the law as well as protect them from unforeseen legal liabilities that could prevent them from practicing what they love.
GPA-4-Schools, he said is a Group Personal Accident product designed for Schools and Students/Pupils at all levels of education – Kindergarten, Nursery, Primary,Secondary and Tertiary. It provides cover against accidental death or permanent disability of the insured Parent or Guardian and also the medical expenses incurred as a result of any accident involving any insured Parent or Student/Pupil.
SurePAY is an e insurance product that provides some level income security in event of loss of employment. It guarantees the payment of an agreed amount of monthly income up to six (6) months after job loss, he said.
“These products fit in to insurance for Small Medium Enterprises (SMEs) and we hope they will contribute to the company gross premium in 2017.”
“We recognize partnership/synergy as a strategic alliance tool to reach our potential ecosystem grid through decisive business development and marketing penetration. This initiative had delivered unprecedented.
“We hold our customer with high esteemed, and the company is committed to continuous improved relationship with them,” he said.
According to him, the second focus of the company is on process improvement, stressing that the firm is more committed to improve its service delivery to esteemed and valued policyholders as well as become more strategically positioned for interface with its teeming valued clients.
Big Read |