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Insurance PHB pays N550m claims

Insurance PHB has paid a total claims of over N550 million in the year 2009. A breakdown of the settled claims shows that claims paid on Private Motor Insurance amounted took the largest portion of expended figure, amounting to N304.84million. This was followed by Commercial Motor which took N79,47million cClaims paid for Money insurance businesses stood at N44.54million, while claims on bonds took as much as N33. 79million Consequential Loss insurance attracted a total claims settlement of N28,568,072.08, while Claims on Group Personal Accident attracted claims of N15.73million.

Further breakdown of settled claims shows that the highest single claim of N28.57million went to May & Baker Plc; followed by N22.5million to XL Cash Management Services while Fidelity bank Plc got N12.98million. Others claims of N9.46million went to National Assembly while Summit Group Limited got N9.29million; Swiss tradition, N8.4million and Due Froth Nigeria Limited, N8.09million

Mr Anselem Igbo, the company’s Managing Director explained that strict attention was given to proper risk assessment within the year in order to ensure the genuineness of every claim. He said that Insurance PHB Limited would intensify effort at ensuring speedy claims settlement in the current year. Anselem Igbo who until his appointment was Managing Director of Legacy Insurance Brokers (a subsidiary of Bank PHB) emphasized the company’s continued resolve to maintain a quality service delivery and timely settlement of every genuine claim under his leadership. This, he said, has been enhanced by the firm’s recent engagement of Agile Financial Technologies India, the leading player in Banking, Financial Services and Insurance to implement the installation of its software, AGILIS Core Insurance.

Meanwhile Insurance PHB Limited has introduced a set of new products into the Nigerian Insurance Market.The products are Red-card (a fire insurance product) and Motor Safeguard- an affordable middle range motor insurance product). Igbo said the introduction of the new products was a fall-out of a technical assessment of the insurance market, the global economic conditions and the mass-marketing intents of the firm.

Igbo explained that Motor Safeguard Insurance product which is exclusively designed for private cars has lower premium system than the regular comprehensive motor insurance has more advantages than the ordinary third party. Apart from offering all benefits of ordinary third party, the product is divided into maxi, medi and mini categories offers N200,000, N100,000 and N50,000 for accidental damage in the various categories respectively.

It is also structured to offer N300,000, N200,000 and N100,000 for total loss(by accident or fire) in the various categories respectively. She said prospective customers can take advantage of the N25,000, N20,000 and N15,000 premium on the various categories of the product respectively and enjoy the additional benefits especially where they are not able to take up the  comprehensive motor  insurance.


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