LAGOS – An insurance firm, Law, Union & Rock Insurance Plc, on Tuesday said it spent N954 million on settlement of claims in the first 10 months of 2014.
This is contained in the annual report of the Law Union and Rock Insurance, a risk company with more than N8 billion in total assets and shareholders’ funds in excess of N4 billion, signed by its Managing Director, Mr Akinjide Orimolade.
The statement noted that the settlement reinforced the company’s commitment to upholding its end of the bargain.
According to the report, the payment is part of the company’s commitment to meet the needs of its customers and restore them to their feet after a mishap or loss.
“Payment of claims tops our priority list and we will always meet and exceed our customers’ expectations.
“Our sense of accuracy, timeliness and promptness ensures that the claimant is not inconvenienced in any way during this process,’’ the report said.
It said that the breakdown of payment showed that motor insurance recorded the highest claims portfolio with N418.7 million.
The statement said that a total of N205.3 million was paid on fire insurance, while N138.4 million was paid on marine insurance.
It said that general accident claims stood at N116. 7million, N42.9 million was paid on oil and energy, while N27.6 million was spent on engineering, with N5.4 million paid on bonds.
The report also showed that the claims cut across sectors such as financial services, manufacturing, construction, oil & energy, telecommunication, shipping and the public sector. (NAN)
Law, Union and Rock Insurance spends N954 million on claims in 10 months
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