Equity Assurance pays N989 million on claims

Underwriting firm, Equity Assurance plc has announced the settlement of almost one billion naira on claims to her various customers from January to December 2015.

In doing this, the Company has again demonstrated its commitment to prompt claims settlement in line with its core values of excellent customer service, caring and integrity among others, the Company said in a statement made available to journalist.

The claims figure amounting to N989.34 billion from the breakdown shows that claims on Fire business amounts to N302, 297,166.78; Oil & Gas N68, 783, 037.46; Engineering N41, 746,995.03; Marine      N138, 994,960.46; Group Accident N139, 095,853.99 and Motor business N298, 416,818.56.

Ekpe Ukpabio, managing director/CEO of the company stated that the company has lived up to her responsibility to her customers better and faster than the position in 2014 when the sum of N847,184,395.17  was paid out as claims settlement. This is 16.8 percent increase compared to 2015

With the recent injection of additional funds totalling N2.6 billion in the company by the Sunu Group, a Franco-phone African Insurance Group, the company is well positioned to address any future claims request in a more professional and efficient way.

The organic growth strategy being pursued by the company will enable it compete favourably with its peers, while delivering greater value to customers and shareholders.

As a result of the aforementioned cash injections, Equity Assurance share capital has increased by 59.09 percent to N7 billion from N4.4 billion previously held.

Certainly the synergy with Sunu’s technical expertise across the Africa continent will further enhance our existing management competences to serve you better in the years ahead, the Company observed.

MODESTUS ANAESORONYE