Law Union pays N1.25bn claims in 9 months


By Cynthia Alo

Law Union & Rock Insurance Plc, has paid over N1.25 billion claims from January to September this year.

Managing Director, Jide Orimolade, disclosed this at a media parley in Lagos. He said that the firm has reviewed its claims processes to ensure that claims payment is done within a short time and that there are efforts to digitalize claims payment process.

According to him, the firm’s gross premium written for the nine months period ended September 2017 stands at N3.51 billion as against N3.19 billion in 2016. Investment income was N611.86 million; profit before stood at tax, N727.87 million; retained  earnings was N470.56 million; shareholders’ fund stood at N6.22 billion and total assets was N10.36 billion.

He said the firm has in recent times won some awards, which were, Global Most Trusted Company in Quality Insurance for the year 2017 and CEOs Today…

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