Royal Exchange General Insurance Company, one of Nigeria’s foremost underwriters with a focus on General and Special Risks, has paid out N2.71 billion as claims to its corporate and individual clients at the end of the 2016 financial year.
Benjamin Agili, managing director of the company said that the company’s focus is prompt settlement of genuine insurance claims. He added that this tradition will continue to be the business philosophy of Royal Exchange in years ahead as the insurer continues to support the business community and help boost the manufacturing capacities of industries in Nigeria.
“Royal Exchange has once again demonstrated its strength and ability to honour its financial obligations and also protect the interest of its various corporate and individual clients, as there is a conscious effort to have a genuine partnership with the clients based on trust and integrity, core values which was instilled by the founders of the company and have continued to drive the operations and strategic directions of the company,” Agili said.
Speaking further, he said: “For us in Royal Exchange, customer satisfaction is everything. We have an enduring capacity to shoulder our customer’s risk, should they arise and this is further evidence of our financial depth derived from prudent and conservative accounting system, a highly motivated workforce as well as a professionally structured organisation”.
“At Royal Exchange, our core values of relationship, trust, and integrity compel us to always seek ways of optimising our processes to ensure that the customer receives immediate benefit for doing business with us”.
Giving a breakdown of the various amounts paid in the different insurance classes, Agili said a total of N1.045 billion was paid on Fire and Industrial All Risk (IAR) insurance policies, representing 38.5 percent of the total amount paid to clients at the end of the year. For Motor and Accident insurance policies, N953.76 million was paid to policy holders, accounting for 35 percent of the total sum paid, while Marine Insurance claims was 15.3 percent of the total claims paid, which amounted to N415.87 million.
Other classes of insurance with claims payments include Special Risk insurance policies with N277.11 million paid out as claims, representing 10.1 percent of total claims. Claims paid on Engineering Insurance Policies was N20.08 million and Bond Insurance amounted to N5.27million.
t would be recalled that the company paid close to N4billion to Nigerian bottling Company for the fire in its Benin plant in 2010 and was the lead insurer in a consortium that paid out over N3.63billion to Friesland Foods West African Milk Company (WAMCO) over the major flood disaster that occurred in its Lagos factory in 2011”.
Royal Exchange General Insurance Company (REGIC) is a fully-owned subsidiary of Royal Exchange Plc.
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