Universal Insurance settles claims worth N1.2bn in five yrs
By Ngozi Onyeakusi—- Universal Insurance Plc said it settled claims to the tune of N1.2bn to its policyholders who suffered losses in five years.
The breakdown of the claims settlement according to the firm paid showed that the company paid N147.8m claims in 2015, N111.1m in 2016, N330.3m in 2017, N334.2m in 2018, while it settled N338.2m claims in 2019 financial period.
The Managing Director, Universal Insurance, Mr Ben Ujoatuonu, noted that the company was presently meeting all its obligations especially, in the area of prompt claims settlement to clients and other stakeholders.
He assured that the insurer was liquid enough to carry out its civic responsibilities.
“We have a competitive edge in claims settlement through investment in state of the art communication and information technology thereby enhancing our operational efficiency and offer to pay off legitimate claims in a jiffy after the execution of discharge voucher,” he said.
He said the company had a tractable but reduced claims process circle.
He noted that the firm was liquid to underwrite big insurance businesses in insurance sector of the financial industry.
The company, he said, was eyeing the retail market and would soon unveil some retail insurance products to deepen insurance penetration.