By Rosemary Onuoha
The management of SA Insurance Plc, one of the non-life insurance groups in the country said that inspite of the harsh economic conditions that prevailed in the country; it paid claims to the tune of N525.9 million in the last financial year ended December 31, 2010.

Managing Director of the company, Mr. Tom Imokhai confirmed this in a press statement made available to Vanguard in Lagos recently.

According to him, Standard Alliance kept its promised by paying out genuine claims to clients were affected by various unfortunate incidents.

He reiterated that the company bagged an A rating by one of the rating agencies  in the country  for claims paying ability, adding that out N112.5 million paid  to general accident policyholders, N105.6 million was in respect of commercial  vehicle category.

The risk underwriting group also paid N85.6 million to fire and allied perils customers while another N72.1 million was paid out in respect of general accident business. According to him, N71.6 million of the claims figure went to oil and engine policyhiolders, N32.2 million was paid to marine hull customers and another N25.2 million was paid out in respect of marine cargo business.

An addition N12.9 million and N8.1 million was paid in respect of its workmen compensation and engineering insurance portfolios respectively, he stated.

According to the Managing Director who was recently honoured with the Insurer of the Year award,
“We recognise the fact that the only credible way we insurers remain on top of our business is to pay claims and as at when due. At SA Insurance Plc, our customers are our kings and are treated as such, especially when claims crystallize for payment,” Imokhai said.

He added that the company was also named the “Most Capitalised Insurance Company of the Year and IT Compliant Insurance Company of the Year” in recognition of the huge investments it made in this regard.

In another development, SA Insurance has sponsored various electoral conferences which held across the six geo-political zones of the country and the Federal Capital Territory, Abuja last month.

According to the company’s boss, the conferences were jointly organised by the Inspector General of Police, Independent National Electoral Commission (INEC) and other stakeholders.

“We participated as sponsors of the conferences which mainly was on having a non-violent 2011 elections as our own way of contributing to the success of the nation’s ongoing electoral process.

“It was our belief at SA Insurance that if the electoral process was marred with violence, businesses cannot thrive, the nation cannot move and the masses will suffer.

We felt that as a concerned corporate citizen with the continued survival of the country in mind, we needed to support the process. “You can be right to count us as one of those concerned corporate citizens who  would always be there to support any move that would bring about peace and  development in Nigeria,” he assured.

SA Insurance was licensed to transact all types of general and special risk insurance businesses.  With an authorised share capital of N 6 billion its  shareholders fund has risen beyond N16.432 billion while its asset base is in  excess of N 18.742 billion.

The company also prides itself as one of the leading and dominant players in the insurance sector by posting impressive financial results, year in, year out.