Royal Exchange settles N1.68 billion claims in 2016 Q3

Royal Exchange General Insurance Company (REGIC), said it has settle claim to the tune of N1.683 billion at the end of the third quarter of 2016.

The Managing Director, Benjamin Agili, who disclosed this in Lagos, reiterated the company’s commitment towards settlement of genuine insurance claims and this will continue to be the business philosophy of the company in years ahead, adding that the company will continue to support the business community as it strives to increase the manufacturing capacities of industries in the country.

Giving a breakdown of the various amounts paid in the different insurance classes, Agili said, a total of N551.19 million was paid on Industrial All Risk (IAR) insurance policies, representing 33 per cent of the total amount paid out so far at the end of quarter 3, 2016. For Motor and Accident insurance policies, N434.57 million was paid to policy holders, accounting for 26 per cent of the total sum paid, while Marine Insurance claims was 21 per cent of the total, which amounted to N346.95 million.

Other classes of insurance with claims payments include General Accident insurance policies with N140.97 million paid out as claims, representing eight per cent, while Fire Insurance policies resulted in total claims payment of N105.33 million paid out, which is about six per cent of the claims paid to various cleints.

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