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Staco Insurance records N3.9bn premium


Staco Insurance Plc has said that it recorded N3.88bn premium in the third quarter of 2009, representing a growth of 11.88 per cent from N3.47bn in the same period in 2008.

A statement from the company on Monday said Staco Insurance recorded an underwriting profit of N2.11bn as against N1.89bn the previous year, showing a growth of 11.41 per cent.

Despite the global economic meltdown, which affected businesses during the yearunder review, the company posted a profit after tax of N579.88m as against N891.46m in 2008.

In the 2009 financial year, it paid out N1.33bn claims to its numerous policy holders that suffered losses during the period, a 48 per cent increase over N899m paid in 2008.

A breakdown of the 2009 claims figure shows that N530m was paid out on fire insurance, N488m on motor insurance, N36m on cash-in-transit and N30m on goods-in-transit among others.

The Assistant General Manager, Claims Department, Staco, Mr. Rasaq Hamza, noted that prompt claims settlement was one of the strategies of securing customers‘ loyalty at all times and that Staco was determined to ensure that its policyholders were restored to the normal financial status being enjoyed by them before the occurrence of any incident they were insured against.

He pointed out that the company would continue to be consistent in the payment of genuine claims to its valued customers because that was the essence of being in business.

The Associate Director, Brokers Marketing, Mr. Bayo Fakorede, reiterated the company‘s commitment to prompt payment of claims, affirming that the insuring public needed to be assured of the obligation of the insurance underwriters to promptly settle their claims.

(Source: Punch)

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