Goldlink Insurance Settles N4.42bn Claims in 3 Years

Goldlink  Insurance Plc has paid a total of N4.42billion  claims  between 2012 and 2014. This  was disclosed by the company’s  chairman, Mr James Ayo, at the 19th Annual General Meeting of the company held in Lagos.

Ayo, announcing  three years financial results of the company to shareholders at the meeting, said despite the loss of virtually all lucrative oil and gas accounts and other ancillary  businesses from the oil and gas sector due to inability to meet up with the bid documentation requirements and out right refusal of some organisations to do business with the company because of interventions by the regulators,the management and the interim board of the company still held its ground with a moderate market share and considerable goodwill of clients.

“The company has remained a good brand, the company’s gross written premium grew at a cumulative average growth  rate of 5.14 per cent  between 2011 and 2013 with resultant figures of N3.99 billion, N5.40 billion and N4.35 billion for  the years between 2011, 2012 and 2013 respectively,” he stated.

According to him, the company’s gross written premium accounted  for 2.3 per cent  and 1.7 per cent of the entire market income in 2012 and 2913 respectively .

He, however,  regretted that in 2014,gross written premium of the company dropped to N3.11 billion, indicating  almost 30 per cent decline,  compared with 2013.

Similarly, the Goldlink insurance chairman,said the company’s performance preliminary quarterly management account figures for the 2015 financial year seem to have followed similar trend of drop in income.

According to him,  despite this,Goldlink  Insurance did not renege in fulfilling its promise of claims settlement to its  customers as it  paid a total of N4.42 billion in the three years under review.

Ayo  added  that the company has, within the period, settled many long standing claims that were either in litigation or about going  to litigation through alternative dispute resolution means, thereby saving costs and retaining  the company’s corporate goodwill.

“Similarly,the overdraft facility standing against the company with sterling Bank Plc which stood at N498million as at 31st October , 2012 was completely settled in the course of year 2013,” the chairman stated.

On the future prospect of the company, he said in the face of the reality of the dwindling national income from oil , the only sectors of the economy that have real prospect for growth has remained the power, agriculture and communication sectors .

He said Goldlink intends to be a major player in the insurance of these sectors., noting that the company  was fast overcoming the regulatory challenges that has been confronting it in the past three years.

 

Source: Thisday