STACO Insurance Paid N1.445bn Claims in Third Quarter

STACO Insurance plc, said it paid a total of N1.445 billion clams in third quarter, 2016.

This shows 9.1 percent increase in the quantum of claims paid by the company in the same period in 2015.

Disclosing this in a statement made available to THISDAY, the Corporate Affairs Manager of STACO Insurance, Dr. Tunde Odeyemi, said the above figure represents 9.1percent increase in claims paid by the company during the year, compared with the corresponding period of 2015 during which the sum of N1.324 billion was paid as claims.

“The 2016 claims figure showed that N596.55 million was paid on Fire business as against N436.38 million paid in 2015; this is the class of business with the highest claims paid, said Odeyemi.

He gave further break down of the claims paid by the company during the year saying next to fire insurance in the quantum of claims paid was General Accident class of business where the sum of N389.96 million was paid on claims as at the third quarter of the year, while  total claims of N197.32 million and N119.83 million were paid on Marine and bond respectively.

He further said the sum of N82.70 million and N46.10 million were paid on Oil and Gas business and Motor business respectively amongst other claims.

Odeyemi assured the company’s customers of its commitment to prompt payment of claims.

Also speaking, the Head, Finance and Accounts of the Company Mr. Jaiye Fatungase stated that the company’s strength lies in its passion for high standards and prompt settlement of claims.

He said STACO Insurance, within the period under review, successfully increased its shareholders fund to N3.626 billion as against N3.409 billion reported in the corresponding period of last year.

Mr. Fatungase, said STACO Insurance, will continue to grow its shareholders fund to enable it play bigger in the insurance industry and particularly in the Oil and Energy sector of the economy.

He further said that STACO is committed to providing exceptional services to her numerous customers.

He said notable quality services delivery by the company has enabled it won numerous awards.

According to him, the latest is the insurance Personality Leadership Award for year 2016 conferred on the Group Managing Director / Chief Executive of the company Dr. Sakiru Oyefeso by African Prize for Leadership Excellence. The company was recently rated BBB+ by the GlobalRating Co and is poised to maintain its rating among brokers and clients alike.

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