Underwriting firm, Law Union & Rock Insurance Plc has recorded a gross premium written of N2.76 76 billion in the half year ended June 30, 2017. This performance means an increase of 17 percent against N2.37 billion recorded in June 30 2016.
Jide Orimolade, managing director of the firm said Law Union was able to record the increase despite the rise in claims payment due to the Company’s innumerable strategic measures to penetrate the insurance market.
The company’s profit after tax rose by 4 percent from N318,749 in 2016 to N307,334 while gross claim paid stood at N622,518,696 in the half year ended June 30, 2017.
He also reiterated these to the efforts of the company and believes that better days are ahead. He said that the company’s priority which is quality services and prompt claims payment to customers form part of their short and long term goals.
On the recent flooding in the country, he sympathized with victims and attributed the cause to the issues including dumping refuse indiscriminately especially in drainage channels, people building on drainage channels, poor urban planning, change in weather pattern, heavy storms, construction on drainage facilities, failure to heed to flood warnings and global climate change.
He wished that Government devise a means to educate the public on pros and cons to consider while building a house and taking up a house as a tenant.
However, he stated that we as individuals we have our own roles to play in curbing the menace. We should take precaution while building houses and not build houses on drainage facilities. Tenants should look out for houses that are flood compliant. Householder/ House Owner Insurance according to him is another measure to consider. These insurance policies are for Landlords and Tenants respectively. They cover the insured’s property against fire, theft, flood and other allied perils.
Additionally, he stated that “we launched several retail products for low income earners called Home Guard. These products provide cover for household contents against fire, flood & special perils. This product is fully driven by technology.” He restated the company’s commitment to continue to offer innovative insurance products and improved services to its esteemed customers.
Generally, he said he still believes that Insurance will eventually work in Africa, “all we need do is to continuously educate our people on the importance of insurance and in no distant time we will get there like our western counterparts” he said.
Law Union & Rock Insurance Plc is a fully capitalized general insurance underwriter with over six decades of consistent service delivery in Nigeria. The company was rated with A- by GCR late last year for their claims paying ability.
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