ROYAL EXCHANGE SETTLES N1.58 BILLION CLAIMS


PRESS RELEASE
ROYAL EXCHANGE SETTLES N1.58 BILLION CLAIMS

Royal Exchange General Insurance Company, (REGIC), Nigeria’s foremost insurance underwriter with a focus on General and Special Risks, has paid out N1.58billion as claims settlements to its clients at the end of the 3rd quarter, 2012.

This amount represents a 54.75 percent increase over the corressponding period of year 2011, which stood at N1.02billion.

Making this disclosure in Lagos, the Managing Director of REGIC, Mr. Olutayo R. Borokini said that his company’s focus is the prompt settlement of genuine insurance claims and this will continue to be the business philosophy of the company in years ahead.

According to Mr. Borokini, “the importance of 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 genreal 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”.

Giving a breakdown of the various amounts paid in the different insurance classes, Mr. Borokini said a total of N631 million was paid on Fire insurance policies accounting for 39.9 percent of the N1.58billion paid out as claims, while N398.7million was paid out on motor insurance policies, representing 25.2 percent of total claims paid, and Industrial All Risks insurance policies accounted for 11%, amounting to N174.6million as claims.

Other classes of insurance with claims payments include non-motor insurance policies with N164million paid out as claims, representing 10.3 percent, marine insurance with N131.3million paid out (8.3 percent), while N68.1 million was paid on Oil & Gas Insurnace policies during the period and a total of N12 million was paid on Engineering insurance policies.


According to Mr. Borokini, “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”.


For more information, please contact:

Corporate Affairs Department
Royal Exchange Plc

34/36 Oshodi-Apapa Expressway
Oshodi, Lagos
Email: Austin.Agbareh@royalexchangeplc.com or
Wilson.Okoh-Esene@royalexchangeplc.com
Web:  www.royalexchangeplc.com