By Rosemary Onuoha
Shareholders of Wapic Insurance Plc have approved the company’s change of name to Coronation Insurance Plc.
This is even as the company grew its Gross Premium Written (GPW) by 9.42 percent to N15.2 billion in 2019 from N13.89 billion in 2018.
The change of name came as a special resolution during the company’s 61st Annual General Meeting (AGM) which held in Lagos, in compliance with COVID-19 directives.
Addressing shareholders at the meeting, the newly elected Chairman of the company, Mr. Mutiu Sumonu, said the change of name was aimed at enabling the company reflect its independence, achieve set goals and in line with ongoing transformations in the nation’s insurance industry.
While highlighting the performance of the company in the year under review, Sumonu said that Wapic General Insurance paid N2.03 billion claims in 2019 and has paid over N814 million claims for the half year 2020.
Sunmonu stated that in spite of the lockdown, brought about by the COVID-19 pandemic, the firm has received regulatory approvals for bancassurance model which is in final stages of development, adding that the firm hopes to conclude and deploy the bancassuance model before the end of 2020 financial year.
Also speaking on the performance of the company in 2019 financial year, Managing Director/CEO, Mrs Adeyinka Adekoya, noted that the Group recorded a 17 percent growth in gross written premium to N15.20 billion from N13.89 billion in 2018.
Adekoya said the new strategic plan for the company gained full speed in 2019 with very bold and audacious objectives set to outstrip competition and increase her consumer share of wallet.