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Royal Exchange General Insurance Company Settles N2.71bn Claims in 2016

Stories by Udo Onyeka:

 

Royal Exchange General Insurance Company, (REGIC), said it paid out a total of N2.71 billion as claims settlements to its corporate and individual clients at the end of the 2016 financial year.

Managing Director of REGIC, Mr. Benjamin Agili  who revealed this in Lagos said his company’s focus is the prompt settlement of genuine insurance claims.

He said the company will continue to support the business community as it strives to increase the manufacturing capacities of industries in the country.

“Royal Exchange has once again demonstrated its strength and ability to honour its financial obligations and also protect the interest of its various corporate and individual clients, as there is a conscious effort to have a genuine partnership with the clients based on trust and integrity, core values which was instilled by the founders of the company and have continued to drive the operations and strategic directions of the company”, Agili said.

He also noted that at Royal Exchange, customer satisfaction is everything,  adding “We have an enduring capacity to shoulder our customer’s risk, should they arise and this is further evidence of our financial depth derived from prudent and conservative accounting system, a highly motivated workforce as well as a professionally structured organization”, he said.

The Managing Director said at Royal Exchange the core values of relationship, trust, and integrity compel the management and staff to always seek ways of optimizing processes to ensure that customers receive immediate benefit for doing business with the company.

Giving a breakdown of the various amounts paid in the different insurance classes, Agili said a total of N1.045 billion was paid on Fire and Industrial All Risk (IAR) insurance policies, representing 38 per cent of the total amount paid to clients at the end of the year.

For Motor and Accident insurance policies, N953.76 million was paid to policy holders, accounting for 35 per cent of the total sum paid, while Marine Insurance claims was 15.3 per cent of the total claims paid, which amounted to N415.87 million.

Other classes of insurance with claims payments include Special Risk insurance policies with N277.11 million paid out as claims, representing 10.1 per cent of total claims. Claims paid on Engineering Insurance Policies was N20.08 million and Bond Insurance amounted to N5.27million.

It would be recalled that 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 N3.63billion to Friesland Foods West African Milk Company (WAMCO) over the major flood disaster in its Lagos factory in 2011.

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