22 January 2013

Nigeria: Royal Exchange Settles N1.58 Billion Claims

Royal Exchange General Insurance Company (REGIC) has paid N1.58 billion as claims settlements to its clients at the end of the third quarter, 2012.

This amount represents a 54.75 percent increase over the corresponding period of year 2011, which stood at N1.02 billion.

The Managing Director of REGIC, Mr. Olutayo R. Borokini, said that his company's focus is the prompt settlement of genuine insurance claims and this will continue to be the business philosophy of the company in years ahead.

Borokini said: "The importance of customer satisfaction is the fulcrum of insurance business and this inevitably builds customer loyalty. Once Royal Exchange is able to pay customers' claims as they arise, more and more customers and the general public will have faith to take out insurance policies on their lives and properties because they are convinced that should a claim/loss arise, Royal Exchange will be able to meet its financial obligations to its clients."

Giving a breakdown of the various amounts paid in the different insurance classes, Mr. Borokini said a total of N631 million was paid on fire insurance policies accounting for 39.9 percent of the N1.58 billion paid out as claims, while N398.7 million was paid out on motor insurance policies, representing 25.2 percent of total claims paid, and Industrial All Risks insurance policies accounted for 11 percent, amounting to N174.6 million as claims.

Other classes of insurance with claims payments include non-motor insurance policies with N164 million paid out as claims, representing 10.3 percent, marine insurance with N131.3 million paid out (8.3 percent), while N68.1 million was paid on Oil & Gas Insurance policies during the period and a total of N12 million was paid on engineering insurance policies.

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