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Staco insurance settles N538m claims

By Chika Akunne
Staco Insurance Plc settled N538.13 million worth of claims  for the half year ended June 30, 2009. Head of Claims department, Staco,  Mr. Rasaq Hamza, said   in a statement issued by the company. He pointed out that it is part of the company’s policy to always attend to prompt processing and settlement of genuine claims that are reported to the company. He said it is part of the continuous strategy of the company to constantly ensure that customers are restored to their initial financial position at the occurrence of any loss after due investigation of the loss.

Mr. Rasaq Hamza noted that in order for the company to align its strategy with its mission of being the first choice provider of superior financial services such that the delivery is of integral benefit to all stakeholders, the company is at all times seeking to add real and genuine value to its customers’ needs, particularly in the area of claims settlement.

Mr. Dere Otubu, Chairman of the company remarked that despite the uncertainty in the business environment in the 2008 operating year, the company wrote a gross premium income of N4.38 billion as against N2.81 billion recorded for the corresponding period in 2007, which was an increase of 55.43% over the previous year.

The company’s underwriting profit also grew by 35.48% from N1.55 billion in 2007 to N2.10 billion. It is worthy to note that in spite of the company’s commendable performance a total of N899 million worth of claims was paid out during 2008 financial year on various classes of insurance.

It would be recalled that following the successful recapitalisation process by NAICOM, the company won the Thisday Insurance Company of the year award for its 2008 operations and it has expanded its business network to 15 states currently across Nigeria and Sierra Leone in the West African Sub region.


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