We’ve capacity to bear diverse risks – Universal Insurance

The Universal Insurance Plc, on Friday said it has built capacity over the years through a robust and well-structured reinsurance programme to bear diverse risks from the insuring public.

The Managing Director / Chief Executive Officer of the insurance company, Dr Ben Ujoatuonu stated this at a media briefing in Lagos.

Ujoatuonu disclosed that the company had garnered positive recognition in the international reinsurance market since he came on board.

“Since I came on board as managing director of Universal Insurance, we have been able to arrange very robust and well-structured reinsurance programme.

”I am a technical person and understand the trajectory of the business, which has helped us to build capacity over the years.

“We don’t play with our reinsurance. Our reinsurance broker have attested that in the international market, our company is the only insurer that does not waste time in paying its reinsurance premium.

“We have a well arranged and structured reinsurance programme, where we can easily fall back on, as over the years, we have built retention that enable us carry diverse risks from the insuring public,” he said.

According to him, the underwriting firm has been working round the clock to build strong units and departments that can deliver value to customers.

The managing director stated that the efforts put in for over six years to build the units and departments were now yielding positive results.

Ujoatuonu said that in creating insurance awareness, which was germane to the industry, the insurer had embraced opportunities beyond its digital operations and presence on the social media.

He said: ”We are trying to have physical presence as much as possible in areas that we operate.

“We also seek to support some ideas such as the Chartered Insurance Institute of Nigeria (CIIN) programme of reaching out to people such as the secondary schools reach-out programme.

“We also visit the NYSC camps during its orientation programme to sensitise the corp members about insurance. Although we are not expecting to get any business in terms of naira and kobo, but to create awareness.

“This is because there are situations where graduates of Nigerian universities do not even know anything about insurance.

“We have programmes of such from time to time and we collaborate with other arms of the industry to create the needed awareness.