Prestige Assurance settles N1.5 billion claims in 2016

The General Manager, Prestige Assurance Plc, Sarbeswar Sahoo (left); Company Secretary, Abayomi Odulana; MD/CEO, Dr. Balla Swamy; the Chairman, Hassan Usman; Director, Gopalan Raghu; and Director, Mufutau Oyegunle, at the board meeting held recently.

The General Manager, Prestige Assurance Plc, Sarbeswar Sahoo (left); Company Secretary, Abayomi Odulana; MD/CEO, Dr. Balla Swamy; the Chairman, Hassan Usman; Director, Gopalan Raghu; and Director, Mufutau Oyegunle, at the board meeting held recently.

The Chairman of Prestige Assurance Plc, Hassan Musa Usman, announced that the company has so far paid over N1.514 billion claims to her customers in the last nine months.

Giving the breakdown, the Managing Director, Dr. Balla Swamy, reiterated the company’s commitment towards its obligations of claims settlement, which is the hallmark of any insurance company.

According to him, this is in line with her strategic direction pursuant to market penetration, which focuses on customers’ satisfaction as well as the regulatory framework.

Speaking further, he stated that the Dana air crash claim, which was a major national calamity, was paid by Prestige Assurance with other co-insurers the sum of $13.6million (30% local content) as on date. For claims settlement, the fire insurance claims recorded the highest figure of N505, 812, 970. 00 followed by motor with N79, 438, 762. 00. The other classes of business wherein claims were paid are GIT, oil and gas, general accident, engineering, marine and aviation.

“Despite the fact that the nation’s economy has continued to go through turbulent times, as creeping inflation, forex uncertainty, rising unemployment and bleak economic prospects persist, the company honoured all their commitments,” Swamy added.

The company in the third Quarter recorded three per cent growth by completing N2.015 billion gross premium. The Investment income earned is N352 million and made a profit after tax of N289 million, which demonstrates its commitment to putting its customers first.

Further, it epitomises the company’s core values of integrity, innovativeness, proficiency and dependability. The company has a stable outlook and in it’s over six decades of existence, and poised to prompt claims settlement to enable customers subscribe to its services.

The National Insurance Commission, NAICOM, approved the Health Insurance Product called the Prestige Mediclaim Policy, which is already available to the insuring public and the Policy can be availed from the Company’s website.

Swamy disclosed that as part of its strategy to deepen market penetration, grow premium and impact more on the citizens, the Company approached the industry regulator for approval of its new line of products.

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