Yemisi Izuora
The Royal Exchange General Insurance Company, (REGIC) said it has paid N1.976 billion as claims settlements to its clients during the end of the year 2014.
Managing Director of the company, Mr. Richard Olutayo Borokini said that his company’s focus is to ensure prompt settlement of genuine insurance claims which he promised to sustain.
According to Mr. Borokini, Royal Exchange has once again demonstrated its strength and ability to honour its financial obligations and also protect the interest of its various corporate and individual clients, as there is a conscious effort to have a genuine partnership with the clients based on trust and integrity, core values which was instilled by the founders of the company and have continued to drive the operations and strategic directions of the company.
He added that “customer satisfaction is the fulcrum of insurance business and this inevitably builds customer loyalty. Once Royal Exchange is able to pay customers claims as they arise, more and more customers and the general public will have faith to take out insurance policies on their lives and properties because they are convinced that should a claim/loss arise, Royal Exchange will be able to meet its financial obligations to its clients”.
Giving a breakdown of the various amounts paid in the different insurance classes, Mr. Borokini said a total of N639 million was paid on Motor and Accident insurance policies accounting for 32.37 percent of the N1.976 billion paid out as claims, while N552 million was paid out on Fire and Industrial All Risks (IAR) policies, representing 26.4 percent of total claims paid and Special Risks insurance policies accounted for 25.9%, amounting to N512 million as claims.