Insurance as a strategic mechanism for business sustenance and asset protection can only become a reality when genuine claims are made and paid.
STACO Insurance Plc, one of the underwriting firms in Nigeria with specialisation in general insurance and special risks, said this while reaffirming its commitment to claims payment.
In a statement, the firm disclosed it paid total claims of over N1.6bn in the 2018 operating year.
The claims payments were made across all classes of general insurance business with fire insurance gulping the largest share of over N528.97m.
This was followed by motor insurance claim of over N392.91m, while oil and gas got over N348.35m as claim payment among other classes of business.
STACO reiterated that the focal corporate strategy of the company in 2019 was to meet the needs of the insuring public as part of its value proposition and offering of beneficial insurance products to fill in the already identified gaps with commitment to settlement of claims promptly.
It stated it had paid over N628m claims as of the half year 2019 to numerous customers.
The Acting Managing Director, Mr Bayo Fakorede, said, “We are poised and prepared to reassure all customers that prompt attention is given to all genuine claims. We are very much in business and have built capacity to continually meet our customers’ obligations in terms of offering quality products and prompt claims settlement.”
Fakorede assured all stakeholders that STACO would continue to remain a reputable brand noted for exceptional and efficient customer service delivery and professional underwriting capacity.