Universal Insurance Coverage Pays N472 Million As Settlement To Harmed Supermarket

Universal Insurance Pays N472 Million As Compensation To Damaged Grocery Store

According to Universal Insurance Coverage Plc, it paid N471.5 million in payment to Next Money and Bring, a supermarket in the Federal Capital Area that was harmed by fire in December 2021 and burned to the ground.

The insurance provider, which just recently got the Independent Paper Awards event’s “Insurance coverage Brand name of the Year Award 2022,” stated in a declaration that it had actually remained faithful to the topic of quickly paying insurance policy holders’ claims.

It was remembered that business compensated insurance policy holders who experienced losses in between 2015 and 2020 with N1.2 billion in claims.

According to the breakdown of the payment paid, the business paid claims amounting to N1.2 billion throughout 9 insurance coverage classes in 2016, N111.1 million, N330.3 million, N334.2 million, and N338.2 million.

Dr. Benedict Ujoatuonu, the company’s handling director and president, specified that the company’s devotion to pleasing its customers was non-negotiable while talking about the claims profile of the business.

He specified, “We understand the worth of rapid claims payment, and we stay constant in our drive to provide on our dedications to our prestigious customers.

The insurance provider stated that in order to supply insurance coverage ease of access throughout the country, it had actually increased its existence in Lagos in the meantime.

” Broadening our market is our main technique for company development this year,” he stated. We have actually included workplaces in Lekki and Apapa as part of this strategy.

Universal Insurance coverage, a non-life insurance coverage company, with a N12.3 billion property base, 16 billion completely paid shares, and a N8 billion released share capital. More than N9.7 billion remains in the business’s investors fund.

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