Niger Insurance Nets N7bn

A leading insurance firm in the country, Niger Insurance Plc, has paid claims worth about N641 million in 2010, while premium income generated  within the period was over N7 billion.

The Managing Director/CEO, Dr. Justus Clinton Uranta, addressing a press conference in Lagos said that the global economic meltdown is a reality that all individuals and business alike have had to face, insurance companies inclusive.

Despite this unpleasant economic situation, he said, “Niger Insurance has successfully maintained its core operations of risk bearing and claim settlement due to our financial stability and operational efficiency.”

He explained that as a result of the financial implications arising from the global economic meltdown, and the need to maintain prudent financial management to be able to weather the storm, the company is embarking on regional branch offices restructuring in order to effectively meet customer’s needs nationwide and also position the company for greater profitability and efficient/ effective service delivery.

To this end, he said two additional regional offices have been created up North, that is, Sokoto and Yola regional offices, and a branch office in Lekki, bringing to 45 the total number of branches spread across the length and breadth of the country.

He said of the future projection: “Bearing in mind the great task ahead of us, which necessitated the reorganisation and realignment carried out, we have decided to increase our target from N10 billion in 2010 to N14 billion in 2011.”