Poor risk management, ignorance major reasons for business failure

The Managing Director and Chief Executive Officer of UnityKapital Assurance plc, Kins Ekebuike has identified poor Risk management and lack of understanding of activities of Insurance companies by small and medium scale organisation as major causes why business collapse.

Ekebuike made this know in Enugu during a workshop organised by UnityKapital in collaboration with the Enugu Chamber of Commerce and Industry for small and medium organisations operating in the zone.

He said that time has gone when insurance industry are seen as non performers saying that with the effort of the National Insurance Commission, the nation’s insurance industry is not only strong but virile and rated amongst the best in the continent.

He noted that with NAICOM effective regulation all insurance companies, operators are duty bound to pay claims promptly, and ensure that policyholders are not shortchanged. “For those who are weary of possible long litigations in court, NAICOM has eliminated that fear with the establishment of robust Complaints Bureau where disagreement with Insurance companies can be treated with dispatch, in fair manner”. He added.

Ekebuike explained that UnityKapital quoted on the Stock Exchange has share capital of N8.4 billion which is N5.4 billion more than the minimum of N3 billion required by law for such a class of business, promising that within the next 30 days UnityKapital would have an inflow of another N7.5 million additional shareholders Fund.

He said that his organisation is ready to partner with any small and medium organisations in the zone saying that the era of nonpayment of claims are over.

According to him UnityKapital in the past one year has paid claims in excess of N350 million and is ready to do business at any level with serious minded business men and women.