Saham Unitrust pays N350 million claims in Q2

Underwriting firm, Saham Unitrust Insurance Nigeria Limited has paid a total claim of N350 million to its customers at the end of second quarter of 2017 financial period.

Saham Unitrust noted that this attests to its ability to meet claims of different magnitude from its customers.

The claims were paid on non-life insurance contracts which include fire, motor, general accident, marine, bond, engineering, workmen compensation and special risks.

During the period under review, the company paid a single claim of N154 million to Sayed Farm as compensation for the fire incident that engulfed its farm settlement.

Saham Unitrust has a specialized claims unit that actively manages and pursues early settlement of claims, in order to quickly restore the claimants back to their former positions before they suffered a loss.

The underwriting firm has a strong reinsurance backing which is only placed with Reinsurance companies with good credit rating.

John Ijerheirme, managing director/CEO said that the best insurance advertisement is settlement of claims and that the company is in business to assist individuals and organisations to grow through prompt payment of claims.

“Saham Unitrust Insurance has consistently met its obligations to policyholders, we are poised to delight our customers with competitive rates and broaden coverage,” he said.

He said the company will soon introduce new retail products and sales channels to meet the needs of the insuring public.

Saham Unitrust Insurance is principally engaged in providing insurance services to cater for the needs of corporate and retail sectors of the Nigerian economy. Established and licensed in 1986 as Unitrust Insurance Company Ltd. Its name was changed to Saham Unitrust Insurance Nigeria Ltd after the investment of Saham Finances in the company. From a modest beginning in 1986, with a share capital of N1 million, Saham Unitrust has recorded tremendous growth.

As at December 31, 2016 the shareholders’ funds and solvency margin stood at N7.52 billion and N6.4 billion respectively while the total asset grew by N581.8 million to N11.54 billion at the end of 2016 accounting period.