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Staco insurance settles N538m claims

Staco Insurance Plc settled N538.13 million worth of claims for the half year ended June 30, 2009. Head of Claims department, Staco, Mr. Rasaq Hamza, said in a statement issued by the company. He pointed out that it is part of the company’s policy to always attend to prompt processing and settlement of genuine claims that are reported to the company. He said it is part of the continuous strategy of the company to constantly ensure that customers are restored to their initial financial position at the occurrence of any loss after due investigation of the loss.

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Effective Risk-based Auditing In Banks

The turbulent situation in the Nigerian Banking sector raises several questions on corporate governance and risk management. One of the key departments in any organization is the Internal Audit and Control department and the unit has a key role to play in assessing the risk appetite of the business. This week we look at how to make these units more efficient using risk based auditing techniques.

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Insurance chieftains escape EFCC by the whiskers

The door of the Economic and Financial Crime Commission (EFCC) is beckoning on some insurance Chief Executives and Insurance Brokers to grace its cell as the spate of unethical business practices in the industry has taken a new dimension. The new sharp practices being employed by brokers is that of withholding or refusal to remit premium with some claiming they have used the premium or part of it for PR to get the business.

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