Underwriters refund policyholders’ motor premium over lockdown

Determined to regain consumers’ confidence in the nation’s insurance industry, especially during the lockdown, Wapic’s outgoing Chairman Aigboje Aig-Imoukhuede in an interview with The Guardian over the weekend said that the firm refunded motor vehicle insurance premium back to policyholders as a measure to boost policy uptake and penetration that could take the sector to a greater height.

“We became the first Nigerian motor insurer to offer customers refunds on their insurance premiums. This act of empathy is made in line with Wapic’s understanding that most drivers are stuck at home and unable to drive their motor vehicles due to the Covid-19 pandemic stay at home policy”, Imoukhuede added.

He noted that beyond financial and other contributions the company is making to fight the Covid-19 pandemic, Wapic is serious about supporting its customers, particularly the most vulnerable, during this difficult time.

The insurer takes pride in always putting customers first and continually improving its services to deliver a unique and excellent customer experience, he added.

Executive Director Technical, Wapic insurance, Peter Ehimhen, who also spoke on this development said: “We know that customers are experiencing unprecedented circumstances and many are struggling to cope. We want to recognise the sacrifice they are making by driving significantly less as you support our country’s objectives in flattening the curve of the pandemic. We want our customers to know they can Rest Assured and we will defeat this pandemic together.”

Wapic is passing the benefit of reduced motor insurance claims during this period onto our existing policy holders. The refund will automatically be credited to customers with active policies at the end of the lockdown period.

A motor vehicle insurance policyholder with Wapic insurance, Dele Akinduro, who spoke to The Guardian at weekend was excited that if all other insurance operators can as well follow this gesture, it would mean a lot to the industry in terms of development.

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