Insurance firm pays N1.39bn claims in Q3

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Unitrust Insurance Company Limited paid N1.39bn claims in the first nine months of 2022.

In a statement, the Chief Marketing Officer, Unitrust Insurance, Mr Dele Oyetunji, said the underwriting firm had continued to demonstrate unwavering commitment and capacity to obligate claims duly.

He said the customers appreciated the role Unitrust played in underwriting their insurance during the third quarter.

“Claims payment is a very important responsibility because our major focus is to ensure that our customers enjoy the benefits of taking all forms of insurance with Unitrust Insurance Company Limited,” he said.

The Managing Director, Mr John Ijerheime, said: ‘”We also understand the importance the National Insurance Commission places on claims payment.

“In 2021 Q3, we paid a total of N1.09bn but as of September Q3, 2022, we had already paid N1.39bn. We entered into strategic partnerships with various organisations to broaden our visibility and accessibility and we are developing in-house platforms to ensure a seamless end-to -end customer journey.”

Unitrust Insurance disclosed it had secured the approval of NAICOM to underwrite agricultural risks.

Among the products approved for Unitrust Insurance were multi-perils, livestock insurance, poultry, fishery and fish farm, as well as Area Yield Index agricultural insurance.

With the approval, the statement said, Unitrust Insurance was well-positioned to broaden its product offerings to consumers in line with the Federal Government’s objective of deepening insurance penetration.

Unitrust was founded in 1981 and commenced operation in 1986, with branches spread across Nigeria, carrying out contracts of general insurance business.