LEADWAY Assurance Company Limited has denied reports alleging a default on its part to meet the obligations on a purported policy under which a Nike Oladunni Omorodion is claiming for loss suffered following fire damage to a property at 8 Aduke Close, Maryland, Lagos.

In a statement, the company said, “A Mrs. Oladunni Olunike Morenike is our insured, not ‘Mrs. Nike Oladunni Omorodion’ and we are aware she suffered fire damage to a property at 8 Aduke Close, Maryland, Lagos, which is not the insured property.

“The property insured with us is another property at 5 Olaperi Street, Shonibare Estate, Maryland, Lagos. The property insured with us has not been affected by fire and is the subject matter of insurance. The relationship with the insured was effected through Standard Chartered Bank as one of our sales outlets and the insurance application form (which forms the basis of insurance) did indicate the address as 5, Olaperi Street, Shonibare Estate, Lagos and not 8, Aduke Close, Maryland, Lagos.

“If an insured omits to insure a particular property, it cannot then decide to transfer the insurance of one to another by itself after a loss to the uninsured property.

“Leadway Assurance is an insurance company with close to 45 years of service in the insurance industry in Nigeria. We understand that the value of our promise to our customers is in the claims that we pay. Industry statistics attest to the fact that we have the highest claims paid value and loss ratio that is far above industry average.

 Industry statistics

 For the audited financial year ended 2013 alone, we paid over N10.9 billion in claims. According to verifiable industry statistics (the Nigeria Insurance Digest of the Nigerian Insurers Association), over N6.1bn in claims was paid in 2012 for its general business alone (the highest in the industry, with the next highest payer paying only N2.8bn). This indeed is why we are in business.

We will however not be coerced or maligned into paying an unjustified/fraudulent claim and will insist on our legal rights against any defamation of reputation. The insurance industry is one that we are carefully building up with the help of each stakeholder. Therefore, there must be concerted efforts to ensure the growth of insurance rather than propagate further distrust and suspicion,” the company stated.