Niger Insurance Pays N1bn Claims To Customers

Niger Insurance Plc paid N1 billion claims to its customers who suffered some losses in 2009, according to the Managing Director, Mr. Justus Uranta.

He told newsmen on Friday in Lagos that the amount, when compared with the 2008 figures, showed an increase of 15 per cent.

Uranta said the company was able to achieve the feat in spite of the global meltdown, which he said had reduced the company’s financial earnings globally.

“In spite of the global financial meltdown last year, Niger Insurance successfully maintained cost operations of risk bearing and claims

settlement.

“The company paid N1 billion claims in 2009, representing 16 per cent increase over the 2008 figures. We have continued to sustain the customers’ confidence over the years,” he added.

Uranta said the company generated a premium income of more than N6.6 billion, representing 25 per cent increase over the 2008 figures.

He said the underwriting profit rose from N2.4 billion in 2008 to N3.8 billion in 2009, representing more than 40 per cent.

The managing director said the company was going through a corporate transformation and re-engineering, tagged “Niger Enterprise Strategy Transformation (NEST)’’.

He said the key elements of NEST were networking through strategic partnership and having global competitive outlook.

Uranta said the company had repackaged its travel insurance partnership with a Spanish Company, MapFre/Asistencia.

He said the company’s travel insurance was now valid for use in any Schengen country.