Law Union $ Rock Gross Premium soars by 17% to N2.7m …Pays N622.5m as claims
By Ngozi Onyeakusi —-
Law Union & Rock Insurance Plc., one of the foremost underwriting firms in Nigeria has made an impressive performance in its half year ended 30th June 2017 as its gross premium income increased to N2.7 million.
This showed an increase of 17 per cent when compared with N2.3 million recorded in the comparable period of 2016.
The company’s profit after tax equally grew by four per cent in second quarter from N307, 334 in the previous year, to N318, 749 in the period under review.
Briefing the journalists at the firm’s half year media conference/ CEOs Forum organized for the National Association of Insurance and Pension Correspondents ( NAIPCO) held in today in Lagos, the Managing Director, Law Union $ Rock, Jide Orimolade disclosed that gross claims paid by the firm within the half year grew to N622.5 million.
This, he attributed to flooding that mainly occurred within the period, even he assured that the firm was committed to settling genuine claims promptly.
“This is one area we in Law Union $ Rock did not joke with, we make payment on time. Once a claim document is submitted, within 72 hours. The claim is paid”.
Speaking on the firm’s focus for 2017, Orimolade disclosed that the company was set to increase its gross premium by 50 per cent to N1 billion, come end of the year.
He assured that the firm has put a lot strategies in place in order achieve the feat.
According to him, the firm was investing heavily in Information Technology, innovation of new product and leveraging in opportunities made available by growing interest in Agriculture by the Federal Government to made the dream a reality.
Other areas the firm said it was looking at for further growth include working closely with brokers, leveraging on social media, digitalization of its existing products, working closely with the Small and Medium Enterprises and youth entrepreneurs among others.