Staco Insurance pays N9 billion as claims in six months

The Managing Director of Staco Insurance Plc, Sakiru Oyefeso, says the company has so far paid about N9 billion in claims settlement in the first half of 2014.

Speaking in Lagos on Monday, Oyefeso said that company’s prompt claims settlement was part of the fruits of the industry’s business reforms.

According to him, the company’s prompt settlement of claims was part of their business strategies to attract proactive insurance brokers.

“In 2013, Staco Insurance paid about N1.87 billion as claims to various clients on losses they incurred. Just in first half of 2014, we have settled close to N9 billion and the figure will increase before the end of the year.

“The company’s asset base is over N8 billion and we are still growing,” he said.

Oyefeso said that the company would continue to strengthen its relationship with insurance brokers to guarantee the growth of its business portfolio.

He also said that the company’s focus on insurance brokers was due to their critical role as stakeholders in the nation’s insurance industry.

The Staco Insurance boss also said that the changing character of insurance marketing had altered the role of brokers and provided a better channel between clients and the insurance companies.

Oyefeso said that the role was not just for the brokers to place business with the companies but also to educate clients about diverse insurance products.

He said that the insurance penetration in Nigeria was still low, adding that the brokers had all it takes to woo the nation’s growing middle class to the opportunities inherent in insurance.

The managing director also lamented that the grassroots had not been penetrated by insurance companies.

He said that the increasing level of risks associated with economic development in emerging economies like Nigeria made it imperative for the Federal Government to accord insurance its rightful place.

NAN