With new investments coming into the nation’s insurance industry from private equity firms, foreign and local partnerships, the sectors’ potential will not take too long to unlock, Remi Babalola, vice chairman, Law Union & Rock Insurance plc said.
He said this will in the near future position the industry to increase its contribution to economic growth, stating that this has been slowed down because the insurance participation in the country was still low.
“The low penetration of this sector shows clearly the humongous growth potential. The regulatory environment is improving and hopefully best practice can be attained,” he said.
With investment from private equity firms and foreign investors/partners as seen in companies such as Mansard, Leadway Assurance, Custodian and Allied Insurance Limited, Cornerstone Insurance Plc and Law Union & Rock Insurance Plc, the sector was slowly but surely changing for better”
Babalola who is also the former minister of state for finance said that the regulator still needs to aggressively enforce all compulsory insurance classes as well as deepen the public enlightenment programmes on advantages and benefits derivable from insurance activities.
“The turnaround of Law Union & Rock Insurance plc is gaining traction as drastic improvements are seen in corporate governance, risk management, investment portfolio and higher level of trust in the company as claims are paid seamlessly, effortlessly and promptly,” he said.
He pointed out that the composition of the board and management depicts people of high integrity and professionalism.
Law Union & Rock INS plc is one of the first generation Insurance Companies to open office in Nigeria six decades ago. It began operations in Nigeria in 1951 as a Chief Agency when the late Sir Mobolaji Bank-Anthony held the power of Attorney for Royal International Insurance Holding, a U.K leading Insurance Company [the first Nigerian to have such authority].
In 1957, the company acquired Branch status and continued to operate as a Branch of Royal International Insurance Holding (a subsidiary of RSA Insurance group plc, United Kingdom, transacting all major classes of insurance businesses until June 17, 1969 when it became incorporated locally in compliance with the Companies Act of 1968.
Law Union & Rock Ins. plc is now a fully indigenous public quoted Insurance Company having with over N3 billion of capital and recertified by NAICOM to continue to operate as a General Insurance Business Underwriter.
In line with the CBN directives instructing all deposit banks to divest from all their non-banking investments or evolve holding company structures, Law Union & Rock Insurance was acquired in 2012 from Skye Bank Plc by a consortium of investors comprising ACAP iClass LLP, an insurance dedicated private fund managed by Alternative Capital Partners (ACAP) and Swede Control Intertek. This has led to the ongoing transformation in the organization.
The company has over N7billion in total assets and shareholders Fund in excess of N4billion.
As part of the organizations transformation and restructuring process, Law Union & Rock Insurances business is structured using the sectorial model of operation. This is to enable the organization align its offerings to the unique needs of the various sectors of the Economy.
The organization has also adopted various E-payment platforms to enable clients pay easily and avoid the rigors previously associated with premium payments. Customers can either pay in any bank of their choice, through Quickteller, POS terminals or Webpay.
All this is in line with our strategic initiative to create value for our stake holders, improve customer intimacy and achieve operational excellence, the company said.
Modestus Anaesoronye
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