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Business News of Monday, 29 May 2023


Burnt supermarket: Universal Insurance pays N472m claims

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Universal Insurance Plc says it paid N471.5m claims to Next Cash and Carry, a supermarket in the Federal Capital Territory that got burnt as a result of a fire incident that took place in December, 2021.

A statement said the Insurer, which recently won the ‘Insur­ance Brand’ of the year Award 2022’ at the Independent Newspaper Awards ceremony, said it had remained steadfast to the issue of prompt claims payment to policyholders.

It recalled that the company paid N1.2bn claims to its policyholders who suffered losses from 2015 to 2020.

The breakdown of the claims paid showed the company paid N111.1m in 2016, N330.3m in 2017, N334.2m in 2018 and N338.2m claims in 2019, bringing the total claims to N1.2bn on nine classes of insurance.

While speaking on the company’s claims profile, the Managing Director and Chief Executive Officer of the Company, Dr. Benedict Ujoatuonu, said its commitment to satisfy its clients was non-negotiable.

“We understand the importance of prompt claims settlement, and we remain steadfast in our resolve to deliver on our promises to our valued clients,” he said.

The insurer said it had, in the meantime, expanded its presence within Lagos to boost insurance accessibility in the country.

He said, “Our key strategy to grow our business for this year is to expand our market. In pursuit of this strategy, we have opened up more offices in Lekki and Apapa.”

Universal Insurance, a non-life insurance company has an asset base of about N12.3bn, with 16 billion fully paid shares and issued share capital of N8bn. The company’s shareholders fund stands at over N9.7bn.