Universal Insurance Pays N472 Million As Compensation To Damaged Grocery Store

Universal Insurance Pays N472 Million As Compensation To Damaged Grocery Store

According to Universal Insurance Plc, it paid N471.5 million in compensation to Next Cash and Carry, a grocery store in the Federal Capital Territory that was damaged by fire in December 2021 and burned to the ground.

The insurer, which recently received the Independent Newspaper Awards ceremony’s “Insurance Brand of the Year Award 2022,” said in a statement that it had stayed faithful to the subject of promptly paying policyholders’ claims.

It was recalled that the business compensated policyholders who experienced losses between 2015 and 2020 with N1.2 billion in claims.

According to the breakdown of the compensation paid, the company paid claims totaling N1.2 billion across nine insurance classes in 2016, N111.1 million, N330.3 million, N334.2 million, and N338.2 million.

Dr. Benedict Ujoatuonu, the firm’s managing director and chief executive officer, stated that the organization’s dedication to satisfying its clients was non-negotiable while discussing the claims profile of the company.

He stated, “We realize the value of speedy claims payment, and we remain consistent in our drive to deliver on our commitments to our esteemed clients.

The insurer said that in order to provide insurance accessibility throughout the nation, it had increased its presence in Lagos in the meantime.

“Expanding our market is our primary strategy for business growth this year,” he declared. We have added offices in Lekki and Apapa as part of this plan.

Universal Insurance, a non-life insurance firm, with a N12.3 billion asset base, 16 billion fully paid shares, and a N8 billion issued share capital. More than N9.7 billion is in the company’s shareholders fund.

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