Law Union & Rock settles N380 million claims in 2017 Q1
Law Union & Rock Insurance Plc. said it has settled claims worth N380 million within the first quarter of this year against N1.43 billion paid in the 2016 financial year and N1.6 billion of 2015.
This was disclosed by the Managing Director of the company, Jide Orimolade during the firm’s first quarter press conference held in Lagos.
According to him, the company was not only determined to meeting all its obligations to policyholders but committed to adding value to its esteemed customers through innovation.
He assured that making sure that customers of the company get claims promptly remained one of its focus for 2017 among deploying of new and affordable retail products tailored to meet the need of the people.
Orimolade equally assured that the Law Union $ Rock has put in place preventive, detective and corrective measures of dealing
with fraudulent claims.
Speaking on the performance of the company in the recent time, he stated that the firm, in spite of the recession in the economy grew its gross premium written by two per cent.
Profit after tax he said grew significantly due to initiatives employed by the firm, ” Due our various strategic initiatives and prudent underwriting, our profit after tax grew by 100 per cent from N280.9 million in 2015 to N561.8 million in the period under review.
It’s underwriting result equally increased by 10 per cent to N1.2 billion from N1.1 billion in 2015. ” This novel deliverables highlights our dominance corporate culture for professionalism and commitment to delivering world class risk management solution. Our giant stride in profit after tax in 2016 galvanized us positively by reducing the previously accumulated accumulated loss by 95 per cent from N468 million in 2015 to N24 million in 2016″, he said.
Orimolade further opined that firm was working strategically towards becoming one of the five top insurance firms in the country even as he stated that the firm has opened new channels of business, social media and IT, deploying bancassurance to deepen its retail business and innovating available and affordable customer friendly products.