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STACO Insurance pays N1.445b claims in third quarter of 2016

The third quarter results released by STACO Insurance Plc revealed that the company has paid the total sum of N1.445 billion claims to her various clients between January and September 2016.

This is about 9.1% increase in claims paid compared with the corresponding period of 2015 where the sum of N1.324 billion was paid as claims. The 2016 claims figure showed that N596.55 million was paid on fire business as against N436.38 million paid in 2015, this is the class of business with the highest claims paid.

This is closely followed by general accident class of business where the sum of N389.96 million was paid on claims as at the third quarter of the year. Total claims of N197.32 million and N119.83 million were paid on marine and bond respectively, while the sum of N82.70 million and N46.10 million were paid on oil and gas business and motor business respectively amongst other claims.

The company assured its numerous customers of its commitment to prompt payment of claims as at when due.



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