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Staco targets more insurance market using micro-insurance

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By Nkiruka Nnorom

CHIEF Executive Officer of Staco Insurance Plc, Dr. Sakiru Oyefeso, has said that the company is poised to capture a better share of the insurance market and create more value for its stakeholders using micro insurance concept as the growth driver.

Making the commitment at the company’s 21st Annual General Meeting, AGM, in Lagos, Oyesefo said that Staco would also embark on strategic expansion aimed at exploring and capturing new frontiers.

He assured that the company is favourably disposed towards widening its business through grass-roots penetration. Consequently, according to him, the company has developed a strategy toward direct market penetration for a possible rebalancing of its underwriters’ distribution mix, which could have significant effects on client acquisition.

“Above all, our greatest marketing strategy lies in the company’s passion for high standards and prompt claims settlement . These values have overtime engendered confidence in our clients for renewed business,” Oyesefo said,

Earlier in his address, the chairman, Prince Samuel Turoti, said that uncertainties in the economy in 2016 significantly affected the buying habits of insurance products consumers and further led to the shrinking of industry premium growth.

“Premium in most cases, reduced from comprehensive to third party cover and also some premium were now paid quarterly with reduced amount of the sum insured, which led to the reduction in the cash-flow of the organisation.

“This gave rise to a decrease in revenue of 12.67 per cent from N6.18 billion in 2015 to N5.40 billion in 2016. Underwriting results decreased by 30 per cent from N1.94 billion to N1.37 billion, while the profit before tax was N168.6 million compared to a loss of N1.72 billion in the previous year in 2015,” he said.

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