Universal Insurance PLC has said it paid N471,500 million as claims to Next Cash and Carry, a supermarket in Abuja which got burnt in 2021.
The insurer said it has remained steadfast to the issue of prompt claims payment to policyholders.
The company said a total of N1.2 billion was paid as claims to its policyholders who suffered losses from 2015 to 2020.
The breakdown of the claims showed the company paid N111.1 million in 2016, N330.3 million in 2017, N334.2 million in 2018 and N338.2 million claims in 2019 bringing the total claims to N1.2 billion on nine classes of insurance.
While speaking on the company’s claims profile, Managing Director and Chief Executive Officer, Dr. Benedict Ujoatuonu, disclosed that the Company’s commitment to satisfying clients is 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.”
The insurer has, in the meantime, expanded its presence within Lagos to boost insurance accessibility in the country.
According to Dr. Ujoatonu, “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 Plc is one of the largest Nigerian non-life insurance companies with an asset base of about N12.3Billion, with 16 billion fully paid shares and issued share capital of N8Billion.
The Company’s Shareholders Fund stands at over N9.7 billion.