Law Union and Rock Insurance unveils new products to mitigate MSMEs’ risks

Law Union and Rock Insurance Plc has unveiled new insurance products to mitigate risks faced by Micro, Small and Medium Enterprises (MSMEs) in the country.

The Managing Director of the company, Mr Jide Orimolade, made this known in a media parley on Monday in Lagos.

Orimolade said with Nigeria’s economy improving, there was an urgent need for the company to fortify the SMEs because they are the growth engine of the country.

He said the products released into the market to fortify SMEs are I-Salute, Doctor-on-Cover, Group Personal Accident (GPA) -4-Schoools and Sure Pay.

The Law Union and Rock boss said the products would provide some level of income security for SMEs, security personnel and their families, medical doctors, schools and Nigerians that have lost their jobs.

“Some SMEs fold up immediately they receive shocks; these shocks may surface in form of fire accidents, floods, building collapse and burglary among others,’’ he said.

Orimolade said the insurance products unveiled by the company would compensate the victims if they are buyers of the products.

Speaking on the financial statement as at June, he said the company recorded a Gross Written Premium (GWP) of N2.71 billion compared to N2.37 billion recorded in the same period in 2016.

Orimolade said the company plans to grow a GPW of N6 billion before the end of the year.

“The company’s Profit After Tax rose by four per cent for the same period to N316, 334 million, compared to N307,334 million recorded in 2016,’’ he said.

The managing director said the company had paid N625 million claims for the period under review.

He said the company’s assets as at the period stood at N10.6 billion, compared to N8.9 billion recorded in 2016.

“The Liquid assets as at the period stood at N6.3 billion, compared to N4.7 billion recorded in 2016,’’ he said.

According to him, flood and fire accidents victims are among those paid claims and the company may pay claims of N1 billion or above by December.

Our correspondent reports that Law Union and Rock Insurance was established in 1951 and is one of the first generation insurance companies.

The company underwrites all classes of insurance business, is publicly listed and has international operations.