Equity Assurance pays N556 million on claims

Committed to its own part of the insurance contract and giving value to insured clients, Equity Assurance plc has paid out over N556 million claims between January and August 2013. The company said this is in line with its core values of promptness and excellent customer service.

Breakdown of the payment shows that fire claims have the highest figure of N198,759,849.28 followed by motor insurance with N189,581,860.86; while general accident claims amounted to N90,565,467.92 whereas marine stood at N44,874,679.94.

Claim from oil and gas industry was N24,372,069.87 and engineering with the least claims amounted to N8,447,518.50.

Ekpe Ukpabio, managing director/CEO of Equity Assurance plc, stated that the company has lived up to its responsibility to customers who encountered losses during the period and always, showing the firm’s financial ability to stand by its policyholders in their time of need.

He confirmed that the company has an uncompromising stand towards claims settlement and that a customer friendly claim process is in place to ensure timely settlement of claims with the interest of the customers in mind.