Royal Exchange pays N1.58 b claims

Chuks Udo Okonta Royal Exchange General Insurance Company, (REGIC), has paid N1.58billion as claims settlements to its clients at the end of the 3rd quarter, 2012, its Managing Director Olutayo Borokini, has said . This amount represents a 54.75 per cent increase over the corressponding period of year 2011, which stood at N1.02billion. Borokini, who disclosed this in Lagos, said the company’s focus is the prompt settlement of genuine insurance claims and this will continue to be its business philosophy in years ahead. Borokini said: “The importance of customer satisfaction is the fulcrum of insurance business and this inevitably builds customer loyalty. Once Royal Exchange is able to pay customers claims as they arise, more and more customers and the genreal public will have faith to take out insurance policies on their lives and properties because they are convinced that should a claim/loss arise, Royal Exchange will be able to meet its financial obligations to its clients”. Giving a breakdown of the various amounts paid in the different insurance classes, . Borokini said a total of N631 million was paid on Fire insurance policies accounting for 39.9 percent of the N1.58billion paid out as claims, while N398.7million was paid out on motor insurance policies, representing 25.2 per cent of total claims paid, and Industrial All Risks insurance policies accounted for 11 per cent, amounting to N174.6million as claims. Other classes of insurance with claims payments include non-motor insurance policies with N164million paid out as claims, representing 10.3 percent, marine insurance with N131.3million paid out (8.3 percent), while N68.1 million was paid on Oil and Gas Insurnace policies during the period and a total of N12 million was paid on Engineering insurance policies. “The payment of these claims has shown that Royal Exchange General Insurance is more than capable of meeting its various claims demands, especially as in the past, the company paid close to N4billion to Nigerian bottling Company for the fire in its Benin plant in 2010 and was the lead insurer in a consortium that paid out over over N3.63billion to Friesland Foods West African Milk Company (WAMCO) over the major flood disaster that occured in its lagos factory in 2011,” Borokini siad.