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   Market Date: 26-01-2015   
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Staco Insurance settles N726.9 million claims

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Staco Insurance settles N726.9 million claims


Staco Insurance Plc has paid total claims worth over N726.9 million in its seven months of operations this year to its numerous customers and clients in various classes of general insurance business. This figure represents a percentage increase of about 6.5 per cent over the corresponding period last year, which was put at N683.5 million.

The breakdown of the claims paid within the seven months period in 2010 indicates that N291.3 million was paid on motor insurance policies, which is where the highest claims was paid, the sum of N61.03 million was paid out on fire insurance policies, N27.7 million in cash-in-transit, N32.6 million in goods-in-transit.

Others are industrial all risk where N115 million was paid, N40.4 million was paid out in marine hall, N15.1 million was paid on bond, N2.8 million in machinery breakdown and N11.6 million paid as workmen compensation amongst others.With this development, the company which is one of the leading insurance companies in Nigeria with a focus on general and special risk insurance has not only lived up to its promise of ‘Prompt claims payment’ to the insuring public, it has also proved its mettle to be financially stable to meet its numerous claims demand from customers whom they hold in very high esteem.

The company’s Assistant General Manager in the claims department, Mr. Rasaq Hamza, pointed out that it is part of Staco’s policy to always attend to prompt processing and settlement of claims that are reported to the company.

Hamza noted that in order for the company to align its strategy with its mission of being the first choice provider of superior financial services such that the delivery is of integral benefit to all stakeholders, the company is at all times seeking to add real and genuine value to its customers’ needs, particularly in the area of claims settlement.He said it is part of the continuous strategy of the company to constantly ensure that customers are restored to their initial position at the occurrence of any loss after necessary investigation of the loss.

It is noteworthy that over the years, the company has developed a strategy, which has reflected in its performances and results; it has been consistent in prompt claims settlement and delivering to its numerous customers friendly insurance packages in line with the vision of the company, which is to be a world class provider of insurance and other financial services and mission statement, which is to be the first choice provider of superior financial services such that the delivery is of integral benefit to all stakeholders.   Consequently, the aim of the company is to be the insurance company of choice, such that anyone thinking of insurance will automatically think of Staco Insurance first.


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