Staco Insurance Plc, said it has paid over N628 million claims in the second quarter of 2019 to customers.
The underwriting firm which specialises in general insurance and special risks, in 2018 paid a total claims of over N1.6 billion. The claims payment were made across all classes of general insurance business with Fire Insurance gulping the largest chunk with over N528.97 million, followed by Motor Insurance claims of over N392.91 million while Oil and Gas got over N348.35 million as claims payment amongst other classes of business.
In a statement, the firm reiterated its focal corporate strategy is to meet the needs of the insuring public as part of its value proposition and offering of beneficial insurance products to fill in the already identified gaps with commitment to settlement of claims promptly.
The Managing Director, Bayo Fakorede, while reaffirming its commitment to initiate a system whereby the brand remains a paramount player in the industry said that, insurance as a strategic mechanism for business sustenance and asset protection can only become a reality and concrete when genuine claims are made and paid.
He further stated that the firm is very much in business and has built capacity to continually meet customers obligations in terms of offering quality products and prompt claims settlement while staying focused towards being a socially responsible organization towards all stakeholders.
“We are poised and prepared to reassure all customers that prompt attention is given to all genuine claims. We equally assure all stakeholders that Staco will continue to remain a reputable brand noted for exceptional and efficient customer service delivery and professional underwriting capacity.”
Fakorede declared that the need to have more personalised products has necessitated the company to reintroduce three of its customised insurance products which are targeted at persons from all works of life.