Ensure Insurance settled N390.86m claims in Q1 Report

Ensure Insurance settled N390.86m claims in Q1 Report

Ensure Insurance settled N390.86m claims in Q1 Report

Ensure Insurance Plc, a composite insurance company in Nigeria, said it paid out the sum of N390.86m as claims to customers in the first quarter of 2016.

A statement from the firm on Sunday said the breakdown of the figure showed that the company paid out N170.2m on life insurance claims and a total of N220.64m on general business claims.

It stated that the Group Life claims topped the chart with a pay out of N84.44m while the individual life closed the quarter on N8090m.

In the general business category, the firm said engineering claims led with N64.61m pay out, followed by general accident and fire claims with a total of N42.10m and N39.28m, respectively.

Ensure also recorded significant figures in motor insurance claims, amounting to N38.46m; oil and gas, N21.63m; and aviation, N4.25m, among others.

“The significant increase in the figures for the first quarter of 2016 when compared to the N290m recorded in the first quarter of 2015 is largely due to an increased subscription to the company’s insurance solutions and prompt claims processing, resulting from the thorough review of the company’s product and internal processes,” the statement said.

The company reiterated its commitment to prompt claims settlement, adding that this remained the only way to gain the confidence of the insuring public while assuring all stakeholders that its financial strength, impeccable internal process and partnership with highly rated reinsurance companies both locally and internationally would guarantee customers’ satisfaction.

It stated that Ensure Insurance had also introduced a claims toll free line and a friendly website with claims reporting functionality for customers to report claims quickly, without hassle and still get paid.

“The company also has a strong customer service platform, supported by well trained personnel with a thorough understanding of insurance to promptly and satisfactorily resolve all inquiries and complaints,” the statement said.

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