SA Insurance Pays N566m Claims | Independent Newspapers Limited
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SA Insurance Pays N566m Claims

Posted: Jul 2, 2015 at 12:29 am   /   by   /   comments (0)

Standard Alliance Insurance Plc paid out claims totaling N566.65 million to its affected policyholders during the first quarter of the year, the Group Managing Director, Bode Akinboye, said.

Bode Akinboye

Bode Akinboye

A breakdown of the consolidated sum shows that Standard Alliance paid N278.64 million, while its life subsidiary, Standard Alliance Life Assurance Limited, was responsible for the remaining N288.01 million.

The claims were paid 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.

Akinboye underscored the importance the company attaches to prompt claims settlement, noting that “we recognise 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.