Royal Exchange Leads Consortium in N3.636 WAMCO Claims Settlement

8th March, 2012



Following the flood disaster that damaged major parts of Frieslands Foods West African Milk Company (WAMCO) Ikeja factory last year, Royal Exchange General Insurance Company, (REGIC), has led a consortium of insurers in settling the N3.636 billion total claims arising from the damage to its factory.


The other insurance companies in the consortium are Custodian and Allied Insurance; Cornerstone; Goldlink; Mutual Benefits; Law, Union & Rock; Crusader, Leadway; Sterling Assurance; Great Nigeria Insurance; Equity Assurance; AIICO General and NEM Insurance.


Speaking in Lagos recently, the Managing Director of Royal Exchange General Insurance Company (REGIC), Mr. Olutayo Richard Borokini noted that prompt settlement of claims is an acid test of the efficiency and liquidity of an insurance company and that the consortium is pleased to have been able to assist the company to resume full operations at its Ikeja factory.


Mr. Borokini stressed the importance of customer satisfaction as the fulcrum of insurance business, adding that at Royal Exchange, our core values of relationship, trust, and integrity compel us to always seek ways of optimising our processes to ensure that the customer receives immediate benefit for doing business with us.


Meanwhile, as part of plans to reinvent its operations and further endear itself to its customers, Royal Exchange General Insurance Company (REGIC) has adopted an operations guide which guarantees customers 48 hours of claims settlement, after due documentations had been completed and verified.