Royal Exchange General pays N1.68bn claims in Q3 ’16

Royal Exchange General Insurance Company (REGIC), one of Nigeria’s foremost underwriters with a focus on General and Special Risks, says it paid N1.683 billion as claims to clients as at the end of third quarter 2016.

The Managing Director of REGIC, Benjamin Agili, who disclosed this in Lagos, noted that the company is committed to prompt settlement of genuine insurance claims and that would remain the business philosophy of the firm in years ahead.

He added that the company will continue to support the business community as it strives to increase the manufacturing capacities of industries in the country.

“Royal Exchange has once again demonstrated its strength and ability to honour its financial obligations and also protect the interest of its various corporate and individual clients, as there is a conscious effort to have a genuine partnership with the clients based on trust and integrity, core values which was instilled by the founders of the company and have continued to drive the operations and strategic directions of the company.

“Customer satisfaction is the fulcrum of insurance business and this inevitably builds customer loyalty. Once Royal Exchange is able to pay customers claims as they arise, more and more customers and the general public will have faith to take out insurance policies on their lives and properties because they are convinced that should a claim/loss arise, Royal Exchange will be able to meet its financial obligations to its clients,” he posited.

Giving a breakdown of the various amounts paid in the different insurance classes, Agili said a total of N551.19 million was paid on Industrial All Risk (IAR) insurance policies, representing 33 per cent of the total amount paid out so far at the end of third quarter 2016. For Motor and Accident insurance policies, N434.57 million was paid to policy holders, accounting for 26% of the total sum paid, while Marine Insurance claims was 21 per cent of the total, which amounted to N346.95 million.

Other classes of insurance with claims payments include General Accident insurance policies with N140.97 million paid out as claims, representing eight per cent, while Fire Insurance policies resulted in total claims payment of N105.33 million paid out, which is about six per cent of the claims paid to various cleints.

Claims paid on other classes of insurance such as Engineering Insurnace Policies was N67 million and Special Risks amounted to N37.1 million, which represents four per cent and two per cent respectively of the total claims paid by the end of Q3, 2016.

Speaking further on the import of the huge sums paid out in the past 3 quarters by Royal Exchange General Insurance, the Managing Director of REGIC said “It is a testament to our enduring capacity to shoulder any form of risk and evidence of our financial depth derived from prudent and conservative accounting system, a highly motivated workforce as well as a professionally structured organisation.”

According to Agili, “The payment of these claims has shown that Royal Exchange General Insurance is more than capable of meeting its various claims demands, especially as in the past, the company paid close to N4billion to Nigerian bottling Company for the fire in its Benin plant in 2010 and was the lead insurer in a consortium that paid out over over N3.63billion to Friesland Foods West African Milk Company (WAMCO) over the major flood disaster that occured in its lagos factory in 2011.”