LUR Insurance Pays ₦1.55bn Claims

March 09th, 2018

Law Union Insurance Plc disclosed that the claims it paid to its policyholders rose by 22.8% from ₦1.27bn in 2011 to ₦1.558bn in 2012 financial period.

The Managing Director of the firm, Mrs. Toyin Ogunseye, said that the company was committed to claims payment because that is its purpose of being in business.

A breakdown of the claims paid revealed that Fire insurance was the highest with a figure of N581m, followed by motor insurance at ₦529.99m.

The firm paid ₦161m on claims that emanated from General Accident, ₦130.3m on Marine & Aviation insurance, and ₦101.14m on engineering policy while ₦77m was paid on Oil & Gas insurance policy. The firm also revealed that it paid ₦1.2m to claims which emanated from Bonds, the portfolio that recorded the least claims.

All claims paid were to Law Union & Rock Insurance’s policyholders from different parts of the country. Ogunseye said that prompt claims settlement was paramount to Law Union & Rock Insurance as the firm always aims to restore its customers back to their original position by settling their claims on time, so that they do not go through any hardship.

According to her, the firm had put in place processes to make it easier for the insuring public to do insurance with ease.

“We have put a number of processes in place like the introduction of various e-payment platforms. We have also gone digital in our marketing activities,” Ogunseye said.

The managing director said that this was done in order to effectively reach out to both its potential and existing clients and to make premium payment stress free for them.

“It will also enable Law Union to drive awareness and increase visibility. On the E-payment platform we have the POS,Pay Direct (in any bank branch), Quickteller (Interswitch) and Webpay,” she said.