Standard Alliance Insurance earns ‘BBB’ rating

Standard Alliance Insurance Plc, has paid a consolidated claim of N1.5 billion in its nine months of operation in 2015, Company Head, Corporate Communications, Nelson Egboboh, has said.

Egboboh, who made this known to journalist in Lagos, said  the underwriting firm received a ‘BBB’ rating from the South Africa-based Global Credit Rating (GCR) in recognition of its ability to settle verified claims promptly.

He said a breakdown of the N1.5 billion consolidated sum indicates that the firm was responsible for a total of N801.1million claims, while the balance of N714.2million was paid out by its life subsidiary, Standard Alliance Life Assurance Limited.

The claims which were paid out between January and end of September this year, are for  policyholders spread across fire and special peril, aviation, marine, motor, oil and energy, general accident, bond and engineering classes of general insurance, as well as the group and individual life policies.

He said a total consolidated sum of N2billion was paid out by the company and its life subsidiary as claims to affected general and life policyholders during the same period in 2014.

He explained that the company’s commitment to settle genuine claims to the tune of N1.5billion despite the pervasive economic hard time, was in keeping faith with the organisation’s renewed commitment towards settling claims to affected policyholders.

He said the company recognises that the best tool to win and retain customers is its good record of a sound claims administration.

 

Source: The Nation