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Sunu Assurances to explore Nigeria’s retail market to improve share


By Chinyere Joel-Nwokeoma

Lagos – Sunu Assurances Nig. Plc., a member of Sunu Group, says it will explore opportunities in the industry to be among 10 top insurance companies operating in Nigeria in the next five years.

The company’s Managing Director, Mr Samuel Ogbodu, gave the assurance at a news conference in Lagos on Tuesday.

Ogbodu said that the company would take advantage of  Nigeria’s population to boost its market share in the industry.

He said that the company would boost insurance penetration in the country by exploring the retail market to bring insurance services to 180 million Nigerians in nooks and crannies.

“We want to ensure that we get insurance services to 180 million people in Nigeria,” Ogbodu said.

He said that the company located in  the six geo-political zones would drive growth through technology and physical presence.

The managing director attributed low insurance patronage in the country to lack of awareness and lack of corporate governance exhibited by some insurance companies in the past.

Ogbodu said that the National Insurance Commission was working hard to strengthen corporate governance in the sector.

He said that the company would remain committed to prompt payment of claims, noting that it had paid about one billion naira claims since its acquisition of Equity Assurance.

Ogbodu said that Sunu Assurances Nigeria would ensure development of insurance business in Africa.

He said that its entrance into the Nigerian market was a game changer to serve the citizenry and ensure growth and development.

“We want to do business the way it should be done,  to serve customers and stakeholders better,” he said.

He said that the company would build on its technical partners, noting that robust technical support was important to service in the industry.

Ogbodu said that the company’s technical partners were African Re-insurance, WAICA Re-insurance Corporation and Mapfre Asistencia, an affiliated company of Mapfre Group based in Madrid, among others.

He said that the company was working hard to increase Nigeria’s contribution in the group as the biggest economy in Africa.

Ogbodu said that Nigeria’s gross premium contribution to the group currently stood at 3.09 per cent, noting that Cote d’Ivoire was the highest contributor with 43.83 per cent.

Also speaking, Mr Karim Dione, Executive Director, Strategy and Performance, said that the company, currently in more than 14 African countries, would continue to embrace new strategies to serve customers better.

Dione said that the group was still growing and would want to be known with professionalism in Africa through innovative products, digitalisation and efficient service delivery. (NAN)

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